Saudi Aramco Boss Amin Nasser: Iran War Could Wreck the Oil Market

The New York Times, CNBC, Bloomberg, Reuters, the Financial Times, Forbes, and Market Watch contributed to this report.

Saudi Aramco CEO warned Tuesday that the fighting around Iran is already sparking a “severe chain reaction” that could have “catastrophic consequences” for global oil supplies — and the longer it drags on, the worse it gets.

He told investors the conflict has produced a “drastic domino effect” that’s not just about tankers: think aviation, farming, car makers and basically any industry that runs on fuel. The company also flagged that global oil inventories are at five-year lows, so there’s very little buffer if the squeeze widens.

The oil giant’s big Ras Tanura terminal — hit by a projectile during recent strikes — was brought back under control, the CEO said, and the facility is expected to restart. Still, the broader problem is shipping: traffic through the Strait of Hormuz has been disrupted and that’s where the real danger lives, since a huge chunk of the world’s crude normally flows through that choke point.

And yes, the money line: the firm posted full-year 2025 adjusted net income of about $104.7 billion and strong cash flow, even after oil averaged lower last year. Management announced a hefty dividend and a new $3 billion buyback program — proof that, for now, cash keeps flowing even as geopolitics spikes prices.

The comments came as oil briefly shot toward $120 a barrel before wobbling, and as global producers trimmed output amid the chaos. The market’s mood is fragile: a longer shutdown of Hormuz could rapidly drain global stockpiles and push prices much higher for a lot longer than investors expect.

On the political front, the White House piled on the rhetoric. Donald Trump warned Iran that blocking oil flows would bring a severe US response — a reminder that the energy crunch is now squarely inside the diplomatic and military playbook.

Bottom line: the sector’s CEO called this “by far the biggest crisis” the region’s oil and gas industry has faced. Companies can report healthy profits today, but if shipping stays disrupted and spare capacity stays locked up, the global economy could be looking at a very ugly energy hangover.