Amin H. Nasser, CEO and president of Aramco, a Saudi oil giant, stated that the energy supply shock that began in the first quarter of 2026 is the largest the world has ever experienced. He informed investors that the market recovery is likely to extend into 2027 due to the blockade in the Strait of Hormuz. High oil prices, fueled by exports remaining blocked, resulted in a net profit rise of more than 25% for Aramco in the first quarter of 2026 compared to the same period last year.
The energy supply shock that began in the first quarter is the largest the world has ever experienced, said Aramco 's CEO , Amin H. Nasser. The Middle East war triggered the world's largest energy shock with market recovery likely to extend into 2027 even if the blockade in the Strait of Hormuz is lifted soon.
Crude prices jumped during the first quarter from the mid US$60s in early February to more than US$100 a barrel in March as Iran's shutdown of the key waterway sparked a global energy crisis
Aramco Middle East War World's Largest Energy Shock Strait Of Hormuz Blockade Global Energy Crisis Crude Prices Iran's Shutdown Oil Giant CEO Energy Facilities
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