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Aramco chief warns of ‘catastrophic’ consequences for oil markets if Hormuz closure persists
Iran's Revolutionary Guards said on Tuesday they would not allow 'one litre of oil' to be shipped from the Middle East if US and Israeli attacks continue
- PUBLISHED: Tue 10 Mar 2026, 3:02 PM
[Editor's Note: Follow Khaleej Times live blog amid US-Israel-Iran war for the latest regional developments.]
There could be 'catastrophic' consequences for the world's oil markets the longer the disruption from the closure of the Strait of Hormuz goes on, the chief executive of Saudi Arabia's state oil giant Aramco said on Tuesday in a media call after the company posted its 2025 results.
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"While we have faced disruptions in the past, this one by far is the biggest crisis the region’s oil and gas industry has faced," Amin Nasser said.
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Iran's Revolutionary Guards said on Tuesday they would not allow "one litre of oil" to be shipped from the Middle East if US and Israeli attacks continue.
This prompted a warning from President Donald Trump that the US would hit Iran much harder if it blocked exports from the vital energy-producing region.
Iran's targeted strikes on Aramco refinery
On March 2, Saudi Arabia’s state oil company Saudi Aramco temporarily shut down its Ras Tanura Refinery as a precaution after the facility was hit by a drone strike.
Saudi Arabia’s Ministry of Energy later confirmed that a limited fire at the refinery had been contained.
Officials said the incident did not affect oil production or supplies and that safety procedures were quickly implemented to control the fire.
Authorities at the time added that the situation continues to be monitored to ensure the facility operates safely and efficiently.
The Ras Tanura complex, located on Saudi Arabia’s Gulf coast, is one of the Middle East’s largest refineries, with a capacity of about 550,000 barrels per day, and serves as a key export terminal for Saudi crude.
