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Commodities

Aramco CEO Warns of Catastrophic Consequences if Strait of Hormuz Remains Blocked

Guavy AI Editorial Team
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Oil
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Aramco CEO Amin Nasser has warned of catastrophic consequences for oil markets if the Strait of Hormuz remains blocked. The strait is a critical shipping route where around 20% of global oil shipments pass through daily.

Nasser said that while disruptions in the past have been significant, this one is the biggest crisis faced by the region's oil and gas industry.

The disruption has already led to Brent crude prices surging over $120 a barrel on Monday, with prices trading around $92 on Tuesday following comments from US President Donald Trump predicting the war could end soon.

Aramco is currently not exporting oil from the Gulf as ships cannot load cargoes there. However, the company is meeting customer needs by tapping into global inventories and using its East-West pipeline to transport crude grades to the Red Sea port of Yanbu.

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