Saudi Aramco warns Middle East war threatens global oil markets
Amin H. Nasser, CEO and president of Saudi Aramco, has warned that the ongoing Middle East war could have “catastrophic consequences” for global oil markets. He described the crisis as unprecedented, citing severe disruptions to shipping, insurance, and multiple industries. The closure of the Strait of Hormuz, a key route for oil transport, has further intensified the situation. Nasser emphasized the urgent need to resume shipping in the region to avoid deeper economic fallout.
What we know
- Amin H. Nasser called the current crisis the biggest challenge the region’s oil and gas industry has faced.
- The Strait of Hormuz, which carries about 20 percent of global oil supplies, remains closed due to the war.
- Oil prices have fluctuated sharply, with a 30 percent spike on Monday before dropping after comments from US President Donald Trump.
- Aramco reported a 12.1 percent decline in net income in 2025 and announced a share buyback programme of up to $3 billion over 18 months.
- Iran has launched drone-and-missile attacks on Gulf neighbours following US-Israeli strikes, targeting facilities including Aramco’s Ras Tanura and Bahrain’s Al Ma’ameer oil facility.
