Saudi Arabia’s Aramco, the world’s top oil exporter, has said that there would be “catastrophic consequences” for the world’s oil markets if the Iran war continues to disrupt shipping in the Strait of Hormuz, Reuters reports.
“There would be catastrophic consequences for the world’s oil markets and the longer the disruption goes on […] the more drastic the consequences for the global economy,” Aramco CEO Amin Nasser told reporters on an earnings call.
“While we have faced disruptions in the past, this one by far is the biggest crisis the region’s oil and gas industry has faced.”
