Saudi Aramco Warns Of “Catastrophic Consequences” Unless Strait of Hormuz Reopens

Saudi Aramco warned that continued disruptions to the Strait of Hormuz could lead to a loss of 100 million barrels of oil per week globally. The United States is concerned about potential shortages of gasoline and jet fuel, and the Trump administration has released strategic petroleum reserves to lower gas prices. A US Senator has introduced legislation to suspend gasoline and diesel taxes.