Aramco warns of ‘catastrophic’ consequences for oil market if Hormuz closure persists

Saudi oil giant Aramco warned Tuesday of “catastrophic” consequences for global oil markets if the closure of the Strait of Hormuz continues amid a US-Israeli offensive on Iran, Anadolu reports. Speaking at a press conference, Aramco CEO Amin Nasser said a prolonged shutdown of the strait “could lead to catastrophic consequences for global oil markets,” according to the Saudi television Al Ekhbariya. On March 2, Ebrahim Jabbari, an adviser to the commander of Iran’s Revolutionary Guards, announced that the Strait of Hormuz had been closed, warning that any ships attempting to pass through would be targeted. Nasser described the current crisis as “by far the largest challenge ever faced by the oil and gas sector in the region.” He said […]