Even an end to the conflict will likely bring little relief, with a fresh demand surge threatening to keep oil markets under strain, Aramco chief Amin Nasser has said

The US-Israeli war on Iran has caused an “unprecedented” shock to global energy markets, removing some 3 billion barrels of oil supply, Saudi Aramco CEO Amin Nasser has warned.

The war launched in February effectively shut the Strait of Hormuz, a crucial oil and LNG artery, sending crude prices up roughly 50%. Despite Gulf exports recovering to a reported 80% of pre-war levels, renewed attacks on vessels have kept markets on edge, with Brent hitting a five-month high above $112 this week.…