Saudi Arabia’s Aramco, the world’s top oil exporter, warned there could be “catastrophic consequences” for the world’s oil markets should the Iran war continue to disrupt access of the Strait of Hormuz – a critical energy-shipping route, CNN reported.
Beyond upending the shipping and insurance sectors, the ongoing disruptions could snowball and threaten aviation, agriculture, automotive and other industries, Aramco CEO Amin Nasser said in a Tuesday earnings call.
“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, adding that global inventories of oil is at a five-year low.
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