Saudi Aramco warns: If the shipping in the Strait of Hormuz is disrupted, the oil market will face disastrous consequences.

Saudi Aramco, the world's largest oil exporter, said on Tuesday that if the war in Iran continues to disrupt shipping in the Strait of Hormuz, the global oil market will face "catastrophic consequences." Aramco CEO Amin Nasser told reporters during a financial earnings call that this disruption not only impacts shipping and the insurance industry, but could also have serious ripple effects on industries such as aviation, agriculture, and automotive. Nasser pointed out that global oil inventories have dropped to their lowest levels in five years, and the current crisis will accelerate the consumption of these inventories, emphasizing the importance of restoring shipping in the strait. He said, "The global oil market will face catastrophic consequences, and the longer the disruption lasts, the more severe the impact on the global economy." Nasser also stated that last week's attack on Aramco's Ras Tanura refinery resulted in a small fire, but it was quickly extinguished and under control, with the refinery now preparing to restart.