The chief executive of Saudi Aramco has warned that prolonged disruption to energy flows in the Strait of Hormuz could have severe consequences for global oil markets and the wider economy.
Amin H. Nasser said traders and policymakers were closely monitoring the escalating hostilities in the Middle East, as attacks have disrupted energy production and key shipping routes in the region.
“There would be catastrophic consequences for the world’s oil markets the longer the disruption goes on, and the more drastic the consequences for the global economy,” Nasser told journalists.
He stressed that restoring maritime traffic through the Strait of Hormuz was essential for stabilising global energy supplies.
“It’s absolutely critical that shipping resumes in the Strait of Hormuz,” he added.
The narrow waterway is one of the world’s most important oil transit routes, carrying a significant share of global crude exports, making any disruption there a major concern for international markets.
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