Chief Executive Officer of Saudi Aramco, Amin Nasser, has warned that the global oil market could face a severe crisis if disruption in the Strait of Hormuz continues for more weeks.

Speaking at an investors’ event, Amin Nasser said the market may face a shortage of nearly 100 million barrels of oil every week if the important shipping route remains blocked.

According to international media reports, the Aramco chief explained that before the conflict, around 70 ships crossed the Strait of Hormuz daily. However, the number has now dropped sharply, with only three to five vessels passing through the route each day.

He said the decline in shipping activity has already created serious concerns in global energy markets, as the Strait of Hormuz is considered one of the world’s most important oil transit routes.

Amin Nasser further warned that even if the Strait of Hormuz is reopened immediately, it would still take months for global oil markets to regain balance. He added that supply chains and shipping schedules have already suffered heavy disruption due to the ongoing tensions.

The Aramco CEO also cautioned that if the reopening of the route is delayed by a few more weeks, the recovery process may continue until 2027. His remarks have increased fears of higher oil prices and possible energy shortages in several countries dependent on Gulf oil exports.