WASHINGTON (dpa-AFX) - Saudi Aramco, the state-owned oil company, warned that prolonged disruptions to shipping in the Strait of Hormuz could trigger severe consequences for global oil markets.
Tensions tied to the Iran conflict continue to threaten energy exports from the Middle East region.
Aramco's Chief Executive Officer Amin Nasser stated on an earnings call that the disruption has already impacted the shipping and insurance sectors. He noted that the situation could ripple across other industries, including aviation, agriculture, and automotive, if the disruption persists.
Nasser also highlighted that global oil inventories are currently at a five-year low, warning that supply drawdowns could accelerate if tanker traffic through the critical waterway does not resume.
Additionally, Nasser reported that a small fire caused by an attack last week at Aramco's Ras Tanura Refinery, the company's largest domestic refinery, was quickly extinguished. The facility is currently in the process of restarting operations.
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