Saudi Aramco warns that even if hormone levels rise immediately, the global oil market could take several months to recover.

Saudi Aramco, the world's largest oil company, warned that even if hormone levels rise immediately, the global oil market could take months to recover. The crisis continues to put pressure on oil prices and the global economy.

On May 10, 2026, at 2:52 PM, Bloomberg News reported that the world is still awaiting a response from Iran to the US proposal to end the 10-week-long war. Saudi Aramco, the world's largest oil company, warned that even if the Strait of Hormuz reopens immediately, it could take several months for the global oil market to return to normal.

As of Sunday morning, Iran had not officially signaled whether it would accept Donald Trump's offer, which stipulates that Iran open shipping lanes through the Strait of Hormuz and that the United States lift the blockade of Iranian ports within one month.

Previously, Iran had only stated that the proposal was under consideration, while Trump warned that if a deal could not be closed, the US might choose another path, which is seen as possibly meaning an expansion of Project Freedom, which previously involved the US Navy escorting ships through the Strait of Hormuz.

The war that began with a joint US-Israeli offensive against Iran on February 28 has thrown global oil and natural gas markets into turmoil. Soaring energy prices have put pressure on governments and consumers in many countries, including the US, ahead of midterm elections. Thousands have died across the Middle East, mostly in Iran.

side Amin Nasser, CEO of Saudi Aramco. It was stated that even if oil shipments through the Strait of Hormuz resumed immediately, the global oil market would still need several months to return to equilibrium.

He further warned that if shipping and trade through the strait remain restricted for more than a few weeks from now, supply problems could persist, and energy markets could not return to normal no sooner than 2570.

The Strait of Hormuz typically serves as a shipping route for about one-fifth of the world's oil and LNG.

Despite a fragile ceasefire agreement since April 8, Iran has signaled it will continue to control passage through the strait, with an Iranian military spokesman warning that any country that complies with US sanctions against Iran will face difficulties navigating through the area.

On the same day, the UK Maritime Operations Centre (UKMTO) reported that a cargo ship was struck by an unknown object off the coast of Doha, Qatar, causing a small fire, although no injuries were reported.

However, major energy producing countries in the Persian Gulf are beginning to adapt to the situation. Bloomberg's ship tracking data shows that a Qatari LNG tanker successfully passed through the Strait of Hormuz for the first time since the crisis began.

The ship “Al Kharaitiyat,” carrying LNG from the Ras Laffan plant, has entered the Gulf of Oman after using a northern route near the Iranian coast, with permission from Tehran.

Meanwhile, Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) are still able to transport some crude oil through the strait, even though Iran has effectively blocked the route.

Saudi Aramco also reported a 26% increase in first-quarter profits driven by soaring oil and fuel prices due to the war, as well as the rerouting of exports through pipelines to the Red Sea instead of the Strait of Hormuz.

Political pressure on Trump has increased both domestically and internationally, with China being one of the countries demanding the immediate opening of the Strait of Hormuz and an end to the war, ahead of Xi Jinping's meeting with Trump in Beijing next week.

The latest US proposal also requires continued negotiations on Iran's nuclear program, reflecting the Trump administration's growing focus on deregulation of Hormuz rather than the issue of Iran's enriched uranium in the short term.

Meanwhile, tensions in the Strait of Hormuz continue to flare up periodically after the United States attacked two Iranian oil tankers late last week, accusing them of attempting to break through a blockade. Iran, in turn, says the attack violated the ceasefire agreement.

refer : bloomberg.com

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