Saudi Aramco CEO says oil market won't normalize until 2027 if Hormuz disruption persists

Saudi Aramco CEO Amin Nasser stated that oil inventories are rapidly depleting due to the Strait of Hormuz closure, and the market won't normalize until 2027 if the disruption persists. The Strait of Hormuz is a critical oil passage. Oil market normalization is contingent upon the resolution of this disruption.