Saudi Aramco CEO Amin Nasser warned that global oil inventories could take up to two years to rebuild as the U.S.-Iran war continues to disrupt energy supplies. 

The closure of the Strait of Hormuz, a major route for roughly 20% of global oil and liquefied natural gas supplies, has sharply reduced shipments and increased pressure on markets. 

Nasser said crude and refined-fuel supplies remain especially tight and that the situation could worsen until Hormuz fully reopens and confidence returns to energy markets. 

The Group of Seven has agreed to release 100 million barrels of crude and diesel from emergency reserves, but industry executives say this would provide only temporary relief, CNBC has reported.

The prolonged disruption is keeping oil prices above $100 a barrel and raising concerns that tight energy markets could persist into 2027 and beyond.