Traders and energy policymakers are nervously following the hostilities in the Middle East as attacks have shut down energy production and vital shipping routes, Al Jazeera reports.

“There would be catastrophic consequences for the world’s oil markets the longer the disruption goes on, and the more drastic the consequences for the global economy,” Saudi oil giant Aramco’s president and CEO Amin H Nasser has told journalists.

“It’s absolutely critical that shipping resumes in the Strait of Hormuz.”