DUBAI, March 10. /TASS/. A further suspension of shipping through the Strait of Hormuz will have catastrophic consequences for the global economy, Amin Nasser, CEO of Saudi Aramco, warned.

"There would be catastrophic consequences for the world's oil markets the longer the disruption goes on, and the more drastic the consequences for the global economy," Nasser told reporters as quoted by The National newspaper.

Nasser added that the company's only way to export oil bypassing the Strait is through the Red Sea port of Yanbu. From there oil is transported via the East-West pipeline, the capacity of which is currently being expanded. The head of Saudi Aramco added that the company has "backup plans" to ensure uninterrupted oil supplies.

On March 2, Major General Ebrahim Jabari of the Islamic Revolutionary Guard Corps (IRGC, the elite unit of the Iranian Armed Forces) warned that the Strait of Hormuz, through which approximately one-fifth of the world's oil exports passes, would be closed to shipping due to Israeli and US military action against Iran. On March 5, Iranian Foreign Minister Abbas Araghchi stated that the strait was not closed, and that ships and tankers were not attempting to cross it for fear of attacks from both sides. Shipping along the route has effectively ceased.

On February 28, the US and Israel launched a military operation against Iran. Major Iranian cities, including Tehran, were hit. The Islamic Revolutionary Guard Corps announced a large-scale retaliatory operation, attacking Israel. Targets in Bahrain, Jordan, Qatar, Kuwait, the UAE, and Saudi Arabia were also hit.