Effect on oil markets could be ‘catastrophic’ if Hormuz closure continues — Saudi Aramco chief

By Reuters 10 March 2026, 9:08 am

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A navy vessel is seen sailing in the Strait of Hormuz, a vital waterway through which much of the world's oil and gas passes on March 1, 2026. (Sahar Al Attar/AFP)

There could be “catastrophic” consequences for the world’s oil markets the longer the disruption from the closure of the Strait of Hormuz goes on amid the US-Israeli war with the Iranian regime, the chief executive of Saudi Arabia’s state oil giant Aramco says in a media call after the company posted its 2025 results.

“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,” Amin Nasser says.

Iran’s Revolutionary Guards said earlier in the day that they would not allow “one liter of oil” to be shipped from the Middle East if US-Israeli strikes continue, prompting a warning from US President Donald Trump that the US would hit Iran much harder if it blocked exports from the vital energy-producing region.