Oil market disruption from Strait of Hormuz may last until 2027, warns Saudi Aramco CEO.

Saudi Aramco CEO Amin Nasser warned that if the disruption in the Strait of Hormuz continues past mid-June, the oil market will not normalize until 2027. The closure has severely impacted global oil supply chains, with over 600 tankers stuck and a weekly loss of 100 million barrels of supply. Despite alternative routes like Saudi Arabia's East-West pipeline, the market faces critical supply shortages, especially for gasoline and jet fuel, ahead of peak summer demand. The ongoing conflict between the U.S. and Iran shows no immediate resolution, prolonging the energy supply shock.