Saudi Aramco CEO warns Strait of Hormuz closure could cut 100M barrels weekly

Saudi Aramco CEO warned that closure of the Strait of Hormuz could cut 100 million barrels of oil per week, highlighting a potential crisis impacting global energy supply. Rising tensions between the US and Iran have led to a collapse in vessel traffic, raising concerns about market normalization. This situation could significantly impact oil prices and influence the Federal Reserve’s monetary policy, with potential ripple effects on cryptocurrency markets.