Aramco warns of “catastrophic consequences” to prolonged war
March 10, 2026
Crude oil prices rose significantly on Sunday night when trading opened, with WTI reaching $119.48 in the first initial price surge on the open. Oil prices closed higher in yesterday’s trading but fell sharply off the highs. Prices crashed after the close on Monday due to President Trump stating in a phone interview at 3:17 pm EST that the war could be over soon and that the US was very far ahead of the 4–5-week initial estimated time frame.
Reuters reports that Iran’s Revolutionary Guards will not let any oil be shipped from the Middle East if US and Israel attacks continue. Iran is wagering it can outlast the United States and Israel, not militarily, but by grinding the war into a brutal contest of endurance. Its strategy is stark: unleash drones and missiles, cut vital energy routes, and jolt global markets hard enough to force Washington to blink first.
Saudi Arabia’s Aramco said there would be “catastrophic consequences” for the world’s oil markets if the Iran war continues to disrupt shipping in the Strait of Hormuz.
According to AAA, US average retail gasoline reached$3.47 per gallon nationally on Sunday, up 47 cents on the week.
Shadow fleet transits are now appearing on several shipping sites. This means Iran is controlling the traffic and still letting its oil out for sale.
Reports say that Iran’s abilities with drones and missiles put the US Navy at great risk to escort ships through the Strait of Hormuz, which is problematic.