Saudi Aramco announced the risk of disaster due to the blockade of the Strait of Hormuz

The global oil industry faces catastrophic consequences if Iran does not end the blockade of the Strait of Hormuz. This was announced on March 10 by the president and chief executive officer of Saudi Aramco, Amin Nasser, his words are reported by the Reuters news agency.

According to Nasser, the protracted nature of the conflict and supply disruptions will cause a serious blow not only to the energy market, but also to the entire global economy. He stressed that the current situation has already destabilized the insurance and merchant shipping sectors. The head of Saudi Aramco added that further escalation threatens to provoke a "domino effect."

The crisis will affect aviation, the automotive industry, agriculture and a number of other key industries. The situation is complicated by the fact that global stocks of raw materials are now at a five-year low. Nasser warned that the continuation of the blockade would lead to their rapid depletion, which would only increase the scale of the global crisis.

"If the disruptions [in supplies] continue, the consequences for the global oil market will be catastrophic. The longer the conflict lasts, the more serious the consequences for the global economy will be," Nasser said.

To sail or not to sail: what means does Iran have to blockade the Strait of Hormuz

The loss of the fleet will not be critical for Tehran, experts believe.

Russian President Vladimir Putin said on March 9 that oil production, which is tied to the Strait of Hormuz, risks stopping completely in the coming month. The Russian leader noted that the storage facilities in the region are already being filled with oil that cannot be exported, and the route itself is actually closed.

French leader Emmanuel Macron said on the same day that Paris was preparing an operation to escort ships in the Strait of Hormuz. According to him, the mission should allow, as soon as possible, to organize the escort of container ships and tankers for the gradual opening of the Strait of Hormuz.

U.S. Energy Secretary Chris Wright said on March 6 that the American side would initially focus on reducing Iran's ability to strike Middle Eastern countries and American forces in the region, and only then would it begin escorting ships passing through the Strait of Hormuz.

All important news is on the Izvestia channel in the MAX messenger.