Aramco reported a more than one-third surge in third-quarter net profit on Tuesday. (AFP pic)DUBAI: Saudi state oil giant Aramco is exploring the expansion of a crude pipeline that circumvents the Strait of Hormuz as the world continues to experience the biggest energy supply shock in history, CEO Amin Nasser said on Tuesday.

The effective blockade of the chokepoint, previously a conduit for 20% of global oil supplies, has redrawn global energy flows and infrastructure investment priorities in the Gulf.

The impact extends far beyond the energy market, Nasser said in a statement to Reuters.

"Higher transportation costs, fertiliser shortages, and impacts on food and consumer goods are feeding into inflationary pressures across the global economy," he said.