The worsening war situation between the US and Iran has prompted Saudi Aramco CEO Amin Nasser to withdraw from a major energy conference in Houston. Nasser was scheduled to attend the CERAweek by S&P Global on Tuesday but won't be participating in the event due to his priority of dealing with the Middle East situation.
The closure of the Strait of Hormuz amid the raging Iran-US war threatens to create an energy crisis with Aramco, the world's largest oil producing company, having to reroute much of its crude. Nasser warned earlier this month that the impact on global oil markets will be 'catastrophic' the longer the disruption from the Iran war drags on.
The war in the Middle East has pushed oil and gas prices to surge with Brent crude futures trading above $110 a barrel at the market open in early Asian trading hours on Monday.
