The world's largest oil exporter, Saudi Aramco, stated on Tuesday that the global crude oil market could face "catastrophic consequences" if ongoing conflicts involving Iran continue to disrupt shipping through the Strait of Hormuz.

Amin Nasser, CEO of Saudi Aramco, made the remarks during an earnings call, emphasizing that such disruptions would not only upend the shipping and insurance industries but could also trigger severe ripple effects across aviation, agriculture, automotive, and other sectors.

Nasser pointed out that global oil inventories are currently at their lowest level in five years, warning that the crisis would accelerate the drawdown of stockpiles. He stressed that restoring normal shipping traffic through the Strait of Hormuz is critical.

"The longer the disruption lasts, the more severe the impact on the global economy will be," he added.

Nasser also commented on last week's attack on Saudi Aramco’s Ras Tanura refinery, the company’s largest domestic refinery. He noted that a small fire caused by the incident was quickly extinguished and brought under control, adding that the facility is currently in the process of resuming operations.