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Aramco says US-Iran war has cost the global market 2.6 billion barrels of oil

World News

04-08-2026 | 10:07

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Aramco says US-Iran war has cost the global market 2.6 billion barrels of oil

The world has lost more than 2.6 billion barrels of oil since the U.S.-Israeli war with Iran began in February, the head of Saudi oil giant Aramco said, warning global inventories were running low despite measures to reroute flows.

The lost supply is equivalent to nearly a month of normal global crude production, underscoring the scale of a disruption that has closed major oil chokepoint the Strait of Hormuz, upending energy markets, and shows little sign of easing.

"If the Strait were to open today, it would take up to 18 months at an average rate of 2.1 million barrels a day to replenish depleted inventories," Aramco CEO Amin Nasser said on Tuesday.

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