The ongoing conflict between the U.S. and Iran, coupled with the involvement of Saudi Arabia and Houthi forces, has had a profound impact on the global oil market, according to Aramco CEO Amin Nasser. The disruption has resulted in a staggering loss of 2.6 billion barrels of oil, equivalent to nearly a month’s worth of global crude production. This crisis has not only disrupted energy markets but also highlighted the vulnerability of the global refining system. Nasser’s statement emphasizes the critical role of the Strait of Hormuz as a major oil chokepoint. The closure of this strait has (Read more…)
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