It could take up to two years to refill global oil stockpiles that have been drawn down during the Middle East war, the chief executive of Saudi Aramco said on Monday. He was speaking at an industry conference in London.

The Aramco chief said stockpiles built up over years have been depleted as the conflict disrupted supply. Other executives at the conference warned that shipping bottlenecks and lost refinery output would keep oil prices high beyond this year.

The comments come as oil markets stay on edge. Brent crude traded above 100 dollars a barrel this week. High energy costs have fed inflation worries across major economies.

Saudi Aramco is the world’s largest oil company and the most influential voice in global crude markets. Its assessment of stockpile levels shapes how traders and governments plan for the months ahead.

Analysts say rebuilding inventories will depend on how long the conflict lasts and whether shipping routes stay open. For now, markets expect tight supply and volatile prices to continue into next year.