Saudi Aramco Warns of Oil Market Crisis Amid War

On Tuesday, Saudi Aramco's CEO Amin H. Nasser warned that the ongoing Middle East war could lead to catastrophic consequences for global oil markets.

He emphasized the critical need to reopen the Strait of Hormuz, which carries 20% of the world's oil supply. The war has already caused oil prices to swing wildly, with a 30% drop reported on Monday.

Nasser noted that the conflict could trigger severe chain reactions affecting various industries, including aviation, agriculture, and automotive. He stated that the disruptions could have long-lasting effects on the global economy.

Aramco reported a 12.1% decline in net income for 2025, with figures showing a drop from $106.24 billion in 2024 to $93.38 billion in 2025. The company also announced a record public offering in 2019 and a $3 billion share buyback program.

The situation has escalated with Iranian military responses to U.S. and Israeli strikes, leading to attacks on energy facilities across the Gulf.