Aramco warned the Strait of Hormuz disruption from the Iran war could have “catastrophic consequences” for global oil markets and trigger ripple effects across shipping, insurance, aviation, agriculture and automotive industries.
Iran's Revolutionary Guards warned on Saturday that no vessel would be allowed to pass through the Strait of Hormuz, a chokepoint through which nearly a fifth of the world’s oil supply passes.
At least three tankers were damaged off the Gulf coast after US and Israeli strikes on Iran triggered Iranian retaliation that put merchant ships at risk of collateral damage, Reuters said quoting shipping sources and officials.
