Strait of Hormuz crisis: Saudi's Aramco CEO warns of 'catastrophic consequences' for oil markets

2026-03-10 - 08:43

Saudi Aramco warns that ongoing conflict in the Strait of Hormuz could lead to catastrophic consequences for global oil markets, citing already low inventories and potential impacts on various industries. The company confirmed a small fire at its Ras Tanura Refinery following an attack, which has since been brought under control.