Aramco warns of catastrophic oil market impact if Hormuz Strait stays closed

The CEO of Saudi Aramco, the state-owned oil company, has warned that a continued closure of the Strait of Hormuz would have 'catastrophic consequences' for global oil markets. The company also reported a 12% drop in its annual profit to $104.7 billion, citing lower oil prices as a key factor.

Separately, Saudi Arabia announced it would redirect its oil exports 'within days' to avoid using the Strait of Hormuz. Aramco also forecasts global oil demand will grow by 1.1 million barrels per day in 2026.