The disruption came at a significant cost to global supply chains. Nasser said the world had lost more than 2.6 billion barrels of oil destined for industries including agriculture, semiconductors, automotive, chemicals and manufacturing.
He said releases from strategic reserves and commercial inventories, along with demand rationing and the East-West Pipeline, had helped cushion the shock.
Even if the Strait of Hormuz were to reopen immediately, it would take up to 18 months, at an average rate of 2.1 million barrels per day, to replenish depleted inventories, he added.
Nasser said the disruption had exposed vulnerabilities in the global refining system, with strong refining margins pointing to continued tightness in product markets while refineries worldwide operated near maximum utilisation rates.
He warned the industry had few buffers to absorb further disruptions, and that any major unplanned or prolonged refinery outage could add further pressure to global energy supplies.
The supply disruption could widen after Iran-aligned Houthi forces announced a blockade of Saudi Arabia's oil industry last month, adding pressure to Red Sea shipping and broadening the fallout from the conflict.
The blockade threatens both the East-West Pipeline route and Saudi export terminals on the Red Sea.
Nasser said recent attacks on facilities had caused some production interruptions, but said he was confident Aramco could restore operations quickly.
Asked how quickly production could be ramped up once disruptions ease, Nasser said output could return to pre-conflict levels within days and reach Aramco's maximum sustained capacity of 12 million barrels per day within three weeks if requested.
The company's total hydrocarbon production averaged 9.5 million barrels per day in the second quarter, compared to 12.8 million in the same period a year earlier, the company said.
Looking to the rest of the year and beyond, "we remain concerned that the continued disruption via the Strait of Hormuz and the threat to shipping through the Bab el-Mandeb Strait could have a significant long-term impact on the world economy," Nasser said on a call with analysts following the results.
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