Saudi Arabian Oil Company (Saudi Aramco) President and Chief Executive Officer (CEO) Amin H. Nasser warned on Tuesday of "catastrophic" consequences for oil markets if the Strait of Hormuz remains closed, causing oil supply disruption.
"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," the CEO noted.
Previously, United States President Donald Trump threatened Tehran, claiming it would be hit "20 times harder" if Iran halts global oil flow. On the other hand, Iran repeated several times that the Strait of Hormuz hasn't been closed.
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