Saudi Aramco CEO Amin Nasser said the company would be able to resume about 70% of its total oil shipments to customers within days by boosting exports from the Red Sea Yanbu oil terminal, the Financial Times reported on March 10. However, Nasser warned that if the U.S. and Israel-Iran war persisted, it could have a "catastrophic" impact on the global economy.

Oil markets quickly fell back from the high of nearly $120 per barrel early on March 9, with Brent currently trading around $91 per barrel. Iranian officials in recent days have suggested that they could allow some shipments through for countries that downgrade relations with the United States and Israel. Iranian officials have also considered imposing tariffs on vessels transiting the strait and insist the strait has not been closed.