100 million barrels lost every week Strait of Hormuz is shut, Saudi Aramco CEO says

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The closure of the Strait of Hormuz, vital for global oil transportation, has led to significant losses of oil supply, according to the CEO of Saudi Aramco. The ongoing geopolitical tensions are contributing to rising prices and concerns in the energy market.

Oil prices continued to climb on Tuesday, as US President Donald Trump said the ceasefire with Iran was "on massive life support". Meanwhile, the CEO of Saudi Aramco, the world's largest oil company, told analysts the closure of the Strait of Hormuz has generated a loss of 100 million barrels every week. Also in this edition: Trump wants to scrap the US federal gas tax to help consumers deal with the impact of the war in Iran.