Saudi Arabia's Aramco 2222.SE, the world's top oil exporter, said on Tuesday that there would be "catastrophic consequences" for the world's oil markets if the Iran war continues to disrupt shipping in the Strait of Hormuz.

The disruption has not only upended the shipping and insurance sectors but also promises to have drastic domino effects on aviation, agriculture, automotive and other industries, Aramco CEO Amin Nasser told reporters on an earnings call.

Nasser noted global inventories of oil were at a five-year low and said the crisis will lead to drawdowns at a faster rate, adding that it was critical that shipping in the strait resumed.

"There would be catastrophic consequences for the world’s oil markets and the longer the disruption goes on, and the more drastic the consequences for the global economy," he said.

Nasser also said a small fire from an attack last week on Aramco's Ras Tanura refinery, its largest domestically, was quickly extinguished and brought under control, adding that the refinery was in the process of being restarted.

Iran's Revolutionary Guards said on Tuesday they would not allow "one litre of oil" to be shipped from the Middle East if U.S. and Israeli attacks continue, prompting a warning from President Donald Trump that the U.S. would hit Iran much harder if it blocked exports from the vital energy-producing region.

His comments come after Aramco reported a 12% drop in annual profit mainly due to lower crude prices. It also announced it would repurchase up to $3 billion worth of shares in its first-ever buyback.

-Maha El Dahan and Yousef Saba/Reuters