Aramco: U.S.-Iran Conflict Costs Global Market 2.6 Billion Barrels of Oil

The U.S.-Iran conflict has resulted in a significant loss of oil supply for the global market, according to Amin Nasser, CEO of Saudi oil giant Aramco. The lost supply amounts to over 2.6 billion barrels since February, which is equivalent to nearly a month's worth of normal global crude production.

The disruption has affected major oil chokepoints, including the Strait of Hormuz, and has had a ripple effect on energy markets worldwide. Despite emergency measures taken by Aramco, such as rerouting shipments away from Hormuz, global inventories are running low.

Nasser warned that if the Strait were to open today, it would take up to 18 months at an average rate of 2.1 million barrels a day to replenish depleted inventories.