The CEO of Aramco, the world’s top oil exporter, said on Tuesday 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.
CEO Amin Nasser told reporters on an earnings call that the disruption has not only upended the shipping and insurance sectors but also promises to cause significant ripple effects across aviation, agriculture, automotive, and other industries.
“There would be catastrophic consequences for the world’s oil markets and the longer the disruption goes on, and the more drastic the consequences for the global economy,” he said.
Iran’s Revolutionary Guards stated on Tuesday that they would prevent the shipment of even “one litre of oil” from the Middle East if U.S. and Israeli attacks persist.
In response, President Donald Trump wrote on Truth Social, “If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far.”
Defense Secretary Pete Hegseth on Tuesday said, “Today will be, yet again, our most intense day of strikes inside Iran.”
At a press conference at the Pentagon, Hegseth announced, “Iran stands alone, and they are badly losing on Day 10 of Operation Epic Fury.”
Nasser’s comments follow Aramco’s report of a 12% decline in annual profit, primarily caused by lower crude prices. The company also revealed plans to buy back up to $3 billion in shares for the first time.
By CEO NA Editorial Staff
