Saudi Aramco Chief Warns War Will Cause Catastrophic Damage, Threatens Global Oil Market

Saudi Arabia’s largest oil company, Saudi Aramco, has warned that a conflict between Israel and the United States against Iran could produce “catastrophic” consequences for the global oil market if it continues to disrupt shipping through the Strait of Hormuz. Aramco Chief Executive Officer Amin Nasser stated that disruptions to this strategic shipping lane would not only impact the shipping and insurance sectors but could potentially trigger cascading effects across numerous other industries, including aviation, agriculture, and automotive sectors.

“There will be catastrophic consequences for the global oil market if these disruptions continue for longer. The impact on the global economy will become increasingly severe,” Nasser told journalists during the company’s performance report conference, according to Reuters, on Tuesday, 10 March 2026.

He explained that current global oil supplies are at their lowest point in the past five years. This situation means that the ongoing crisis could potentially accelerate the depletion of worldwide oil reserves. Therefore, according to Nasser, it is crucial that shipping activities through the Strait of Hormuz return to normal as soon as possible.

Aramco also disclosed that a minor fire resulting from an attack the previous week at its Ras Tanura refinery, the company’s largest refinery in Saudi Arabia, had been extinguished quickly. The refinery is now in the process of resuming operations.