The chief executive of TotalEnergies warns that a prolonged conflict involving the US, Israel and Iran would begin to cause serious damage to the global economy.

Speaking to Chinese state broadcaster CGTN, Patrick Pouyanné says the market can cope with disruption for “three, four months” because existing inventories help cushion the blow.

He says the effective closure of the Strait of Hormuz is preventing roughly 10 million barrels of oil a day from leaving the Gulf.

Pouyanné tells CGTN that supply on that scale cannot simply be replaced elsewhere. According to him, there is no alternative source able to make up the shortfall.

He adds that if the disruption lasts beyond six months, the consequences become much more severe. “All the economies of the world will be damaged,” he says.