Saudi oil giant Aramco sounds alarm on global oil market collapse

Amin Nasser, chief ⁠executive of Saudi state oil giant Aramco, has warned that there could be “catastrophic” ⁠consequences for ⁠global oil markets if the disruption caused by the ⁠closure of the Strait of Hormuz persists, according to foreign media.

“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,” he added.

Iran’s IRGC has declared it will not permit any oil shipments from the area if attacks on Iran continue.

Global oil prices saw a sharp drop throughout 2025. Brent crude declined by roughly $20 between January and December, entering 2026 trading below $65 per barrel.

This year, oil markets have grown increasingly unstable due to the ongoing conflict between the US, Israel and Iran, which has effectively shut down the Strait of Hormuz shipping route. The disruption has sparked worries over global energy supply.

At the start of the week, oil prices jumped, with crude approaching $120 per barrel on March 9 before falling back under $100. The retreat followed suggestions that the Group of Seven nations might release oil from strategic reserves, along with remarks from US President Donald Trump signalling that Washington was close to meeting its goals in the conflict.

On the morning of March 10, Saudi Aramco announced that its board had approved a share buy-back program. The company intends to acquire 350 million shares from the market and hold them as treasury shares, aiming to allocate the stock to an employee share plan.

By Jeyhun Aghazada