Riyadh, Mar.10 (SANA) Saudi Aramco CEO Amin Hassan al-Nasser warned on Tuesday of the catastrophic consequences of the war in the region on oil markets, stressing the importance of reopening the Strait of Hormuz to shipping.
“The longer the war continues, the more severe the consequences will be for global oil markets, and these consequences will be even more severe for the global economy,” AFP quoted Nasser as saying at a press conference announcing Aramco’s 2025 revenues.
He noted that the war “has triggered a severe chain reaction in shipping and insurance, and there is also a significant ripple effect on aviation, agriculture, automobiles, and other sectors.”
Al-Nasser emphasized that “this crisis is the biggest the oil and gas sector in the region has ever faced.”
Oil prices have experienced sharp fluctuations due to supply disruptions, surging by 30% on Monday before retreating after US President Donald Trump suggested the war could end soon.
Iran has been launching attacks on several Arab countries since the US-Israeli attack on February 28.
MZN
