Aramco warns of severe consequences for oil market if Hormuz closure continues

Saudi Aramco warned that a prolonged closure of the Strait of Hormuz could lead to catastrophic consequences for global oil markets amid escalating tensions from a US-Israeli offensive against Iran. CEO Amin Nasser highlighted that the disruption is the largest challenge faced by the oil and gas sector, affecting shipping, insurance, and other industries. Iran’s closure of the strait and attacks on US interests have already driven oil prices up, raising concerns about inflation and production cuts.

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