Saudi Aramco said global oil markets face catastrophic consequences if shipping through the Strait of Hormuz does not resume amid the Iran war, reported Jeddah's Arab News.

CEO Amin Nasser told reporters the disruption is the biggest crisis the region's oil and gas industry has faced. About 20 per cent of the world's oil normally passes through the strait, but shipments have been largely blocked. Iran's Revolutionary Guards vowed to halt exports if US and Israeli attacks continue.

Brent crude surged to nearly US$120 per barrel before easing to $92 after US President Donald Trump predicted the conflict could end soon. He warned Iran would face harsher retaliation if it blocked exports and said the US Navy could escort ships, though its capacity is uncertain.

Mr Nasser said global inventories are at a five-year low and warned of faster drawdowns unless shipping resumes. Aramco is not exporting from the Gulf but is meeting most customer demand via the East-West pipeline to Yanbu, which is expected to reach its seven million barrels per day capacity within days.

A small fire at Aramco's Ras Tanura refinery last week was quickly extinguished and the facility is restarting. The company reported a 12 per cent drop in annual profit due to lower crude prices and announced plans for its first-ever share buyback of up to $3 billion.