Amin Nasser, the president and CEO of Saudi Arabia's oil giant Aramco, said tankers were being rerouted to avoid the Strait of Hormuz, and that its East-West pipeline would reach its full capacity of 7 million barrels a day, being brought to Red Sea ports this week. “The situation at the Strait of Hormuz is blocking sizable volumes of oil from the whole region," he said in a conference call after Aramco, formally known as the Saudi Arabian Oil Co., reported 2025 profits of USD 104 billion, down from USD 110 billion in 2024.
He also hinted at global oil markets being squeezed the longer the Iran war goes on and shipments from the Mideast remain affected. “Given the current geopolitical situation, we may see inventories eroding and being drawn down faster as shipments are being curtailed from the region,” he said. “This is at a time when current global spare capacity remains extremely low.” If supply grows tighter, it would likely push the price per barrel globally even higher, translating to higher costs for gasoline and jet fuel.