Saudi Aramco chief warns prolonged Hormuz Strait closure could shake global oil markets

Dubai: The chief executive of Saudi Aramco has warned that a prolonged closure of the Strait of Hormuz could have catastrophic consequences for global oil markets and the wider economy.

Speaking at a press conference in Riyadh following the announcement of the company’s 2025 financial results, Amin Nasser, President and CEO of Aramco, said the disruption represented the most serious crisis the region’s oil and gas industry has faced.

“There would be catastrophic consequences for the world’s oil markets, and the longer the disruption continues, the more drastic the impact on the global economy,” Nasser said.

He added that while the industry has faced supply disruptions before, the current crisis is unprecedented in scale.

Nasser noted that the effects of the disruption extend beyond shipping and insurance, warning of potential knock-on impacts across sectors including aviation, agriculture and automotive manufacturing.

He also pointed out that global oil inventories have fallen to their lowest level in five years, meaning the crisis could accelerate the depletion of supplies.

Nasser stressed that restoring shipping through the Strait of Hormuz was critical to stabilising markets and preventing further economic fallout.