Saudi Arabia's Aramco, the world's top oil exporter, said on Tuesday there would be "catastrophic consequences" for the world's oil markets if the Iran war continues to disrupt shipping in the Strait
Saudi Arabia's Aramco, the world's top oil exporter, said on Tuesday there would be "catastrophic consequences" for the world's oil markets if the Iran war continues to disrupt shipping in the Strait of Hormuz.
Oil shipments have been largely blocked from traversing through the shipping artery, where normally roughly 20% of the world's oil would pass through daily. Iran's Revolutionary Guards said on Tuesday they would not allow "one litre of oil" to be shipped from the Middle East if U.S. and Israeli attacks continue.
"There would be catastrophic consequences for the world's oil markets and the longer the disruption goes on ... the more drastic the consequences for the global economy," Aramco CEO Amin Nasser told reporters on an earnings call.
"While we have faced disruptions in the past, this one by far is the biggest crisis the region's oil and gas industry has faced."
Wide Range of Sectors May Be Hit
The crisis has not only upended the shipping and insurance sectors but also promises to have drastic domino effects on aviation, agriculture, automotive and other industries, he added.
Global crude benchmark Brent LCOc1, which rocketed to a more than three-year high of nearly
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