Saudi Aramco warned on Tuesday that global oil markets could face catastrophic consequences if the war with Iran continued disrupting shipping through the Strait of Hormuz.
The world's largest oil producer and exporter said the effects went beyond shipping and insurance, threatening aviation, agriculture, vehicle manufacturing and other sectors.
Chief Executive Amin Nasser issued the warning during a results call with reporters.
He said global oil inventories were at their lowest level in five years and the crisis would accelerate their depletion. Reopening shipping routes through the strait was essential.
“It would have catastrophic consequences for global oil markets, and the longer the disruption continues, the more drastic the consequences for the global economy,” he said.
Nasser also said a small fire caused by an attack the previous week at Ras Tanura, Aramco's largest domestic refinery, had been extinguished quickly and brought under control.
The refinery was in the process of restarting.
Iran's Revolutionary Guards said on Tuesday that they would not allow a single litre of oil to leave the Middle East if US and Israeli attacks continued.
Trump responded by warning that the United States would strike Iran much harder if it blocked exports from the strategically important energy-producing region.
