Consequences for global oil markets could be 'catastrophic' if Hormuz closure continues, Aramco chief says

Group 1 - The CEO of Aramco, Amin Nasser, warned that the longer the closure of the Strait of Hormuz continues, the more "catastrophic" the consequences for global oil markets will be [1] - Nasser described the current disruption as the biggest crisis the oil and gas industry in the region has faced, surpassing previous disruptions [1] - Iran's Revolutionary Guards threatened to prevent any oil shipments from the Middle East if U.S. and Israeli attacks persist, leading to a warning from President Trump about severe repercussions if exports are blocked [1]