HOUSTON — The United Arab Emirates on Monday condemned Iran’s attacks against shipping in the Strait of Hormuz as a form of “economic terrorism” that is holding the world hostage.
“Let me be absolutely clear, weaponizing the Strait of Hormuz is not an act of aggression against one nation,” said Sultan Ahmed Al Jaber, CEO of Abu Dhabi National Oil Company (ADNOC).
“It is economic terrorism against every nation, and no country should be allowed to hold Hormuz hostage — not now, not ever,” Al Jaber told oil industry executives at S&P Global’s CERAWeek conference in Houston, Texas.
The Strait is the most important sea route for oil in the world. About 20% of global oil and liquefied natural gas supplies transited the narrow waterway to global markets before the war. Tanker traffic has ground to a halt due to Iran’s attacks on ships in the Persian Gulf.
“While we all appreciate all efforts to stabilize markets and reduce prices, let us be clear — this is not a supply issue,” Al Jaber said. “It is a security issue and has only one durable answer — keeping the Strait open.”
