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

Aramco CEO Amin Nasser warned of 'catastrophic consequences' for global oil markets if the Hormuz Strait remains blocked.

The Strait is a critical shipping route, through which about 20% of the world's oil passes daily. Iran's Revolutionary Guards have said they will not allow any oil to be shipped from the Middle East if US and Israeli attacks continue.

Nasser noted that while Aramco has faced disruptions in the past, this one is 'the biggest crisis the region's oil and gas industry has faced.' He added that global crude benchmark Brent would face drastic consequences for the global economy if the disruption continues.