ADNOC CEO Sultan Al-Jaber condemned potential Strait of Hormuz restrictions on Thursday. He warned they would amount to “economic terrorism” against the world.
Al-Jaber emphasized that the strait serves as a vital route for global trade. If Iran blocked passage, fuel, food, and medicine costs could rise sharply. Consequently, he called for maintaining freedom of navigation.
ADNOC, the national oil company of Abu Dhabi, ranks among the world’s largest energy producers. Its CEO spoke at a press conference in the United States, addressing the economic risks of any disruption in Hormuz.
Furthermore, Al-Jaber stated that no country should hold the strait hostage. Such action would destabilize global markets and threaten economic stability worldwide. Therefore, governments must ensure that navigation through Hormuz remains uninterrupted.
Earlier this week, Iran said the Strait of Hormuz remains open but only for “non-hostile” vessels coordinating with Iranian authorities. Al-Jaber argued that this limitation still represents a risk to global trade.
He added that the only durable solution to stabilize markets involves unrestricted access for all commercial vessels. Investors and international stakeholders should monitor any changes closely.
Analysts noted that the strait handles nearly a third of the world’s seaborne oil. Consequently, even minor disruptions could trigger significant economic consequences. Al-Jaber’s comments highlight the potential for ripple effects in energy, food, and medical supply chains.
Additionally, he urged countries to strengthen multilateral agreements ensuring freedom of navigation. He warned that unilateral restrictions could escalate tensions and increase market volatility.
In conclusion, ADNOC’s CEO described the Strait of Hormuz restrictions as a direct threat to the global economy. Traders, governments, and businesses must prepare for potential impacts while diplomatic solutions are pursued.
Overall, maintaining open passage through the strait remains crucial. ADNOC and global leaders continue calling for vigilance and cooperative measures to safeguard trade and energy supplies. The warning underlines that the Strait of Hormuz restrictions could have far-reaching economic consequences.
