Head of Saudi state energy giant ARAMCO says "energy supply shock" is worst ever seen, and could get worse

The CEO of Saudi Arabia's state-owned energy giant Saudi Aramco, Amin al-Nasser, issued a stark warning Monday that the ongoing gridlock of shipping through the Strait of Hormuz caused by the U.S.-Israeli war with Iran had already brought the biggest shock global energy markets had ever seen, and that it could still get worse.

"The current energy supply shock is the largest the world has ever witnessed," al-Nasser told Saudi Arabia's state-run Al-Arabiya network.  

Already, he said an "unprecedented supply loss of about a billion barrels of oil" had been caused by the war, adding that "if the current disruptions continue at this rate, the market will lose around 100 million barrels for every week the Strait of Hormuz remains closed."

If that happens, al-Nasser said it could take global energy markets until 2027 to return to pre-war levels. Even if the strait were to reopen tomorrow, he said it would still take months for markets to stabilize.