Iran is holding the world economy hostage by blockading the Strait of Hormuz, said Shaikh Nawaf Al-Sabah, the CEO of Kuwait Petroleum Corporation.

Sultan Ahmed Al Jaber, CEO of the UAE's state-owned oil company, said the Strait of Hormuz must re-open to resolve the supply shock.

Iran is holding the world economy hostage by blockading the Strait of Hormuz, said Shaikh Nawaf Al-Sabah, the CEO of Kuwait Petroleum Corporation.