Amin Nasser, CEO of Saudi oil giant Aramco, warned that the ongoing disruption from the closure of the Strait of Hormuz could have "catastrophic" consequences for global oil markets.

“While we have faced disruptions in the past, this one by far is the biggest crisis the region’s oil and gas industry has faced,” he said, The Caspian Post reports, citing foreign media.

Iran’s IRGC has said it would not allow any oil to be shipped from the region if the strikes on Iran continue.