US Awaits Iran’s Response to Proposal Ending 10-Week War as Aramco Warns of Prolonged Oil Recovery
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US Awaits Iran's Response to Proposal Ending 10-Week War as Aramco Warns of Prolonged Oil Recovery
- Saudi Aramco, the world's largest company, stated that oil markets would require months to normalize even if the Strait of Hormuz immediately after disruptions.
- The US proposal aims to halt a 10-week conflict with Iran, but Tehran had provided no public response as of early Sunday, May 10, 6.
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Tensions in the Strait of Hormuz have escalated into a 10-week war the US and Iran, disrupting one of the world’s most critical oil chokepoints that handles about 20% of global crude exports, or roughly 21 million barrels per day.
The US has extended a diplomatic proposal to Iran seeking an end to hostilities, with Washington awaiting a formal reply from Tehran. As of early Sunday, May 10, 2026, Iranian officials had not indicated any position publicly, prolonging uncertainty in global energy markets.
Saudi Aramco, the state-owned giant and top global oil producer, issued a stark warning on recovery timelines. Company executives noted that even an immediate reopening of the strait—vital for shipments from Gulf producers like Saudi Arabia, Iraq, and the UAE—would not swiftly restore supply chains. Factors include damaged infrastructure, rerouted tankers, depleted stockpiles, and the need to rebuild shipping confidence, potentially delaying full market normalization by several months.
The strait, a 21-mile-wide passage at its narrowest, has been a flashpoint amid attacks on vessels and facilities, reminiscent of past disruptions like the 1980s Tanker War. Oil prices have surged over 50% since the conflict began around early March 2026, hitting records above $120 per barrel and fueling inflation concerns worldwide.
Diplomatic efforts persist amid military posturing, with posters in Tehran depicting Iranian forces ensnaring US aircraft in a net shaped like the strait, symbolizing resolve. Analysts warn of risks to 5.5 million barrels per day of Iranian exports if tensions persist, though alternative routes like Saudi Arabia’s East-West pipeline offer limited mitigation at about 5 million barrels daily capacity.
Global leaders urge de-escalation to avert broader economic fallout, as consumers face higher fuel costs and industries grapple with supply squeezes.