Sultan Ahmed Al Jaber, CEO of Abu Dhabi National Oil Company (ADNOC), publicly condemned Iran's attacks against shipping in the Strait of Hormuz, labeling them as 'economic terrorism against every nation' and warning that no country should be allowed to hold the Strait hostage [1]. Al Jaber made these remarks via video message at S&P Global's CERAWeek conference in Houston, Texas, after cancelling his in-person appearance due to the ongoing conflict [1]. The CEO emphasized that weaponizing the Strait is not just an act of aggression against one nation, but a threat to global economic stability [1].
According to the UAE Defense Ministry, Iran has launched 352 ballistic missiles, 15 cruise missiles, and more than 1,700 drones at the UAE since the war began, resulting in eight deaths and 161 injuries [1]. Tanker traffic in the Persian Gulf has ground to a halt due to these attacks, severely impacting the world's most important sea route for oil, through which about 20% of global oil and liquefied natural gas supplies previously transited [1]. Al Jaber stressed that the issue is not about supply, but security, and called for keeping the Strait open as the only durable solution [1].
The conflict escalated after the U.S. and Israel launched a massive attack against Iran on February 28, killing Iran's head of state Ayatollah Ali Khamenei and other senior leaders, followed by waves of airstrikes targeting Iran's military capabilities [1]. Iran responded by attacking Arab neighbors, including the UAE, which did not participate in the U.S.-Israeli attack [1]. Al Jaber described the UAE as being hit by an 'illegal, erratic, unjustified and completely unprovoked' attack, stating that the country took every possible step to prevent the conflict [1].
The ongoing war has led to cancellations of in-person appearances by other major oil executives, including Kuwait Petroleum Corporation CEO Shaikh Nawaf S. Al-Sabah and Saudi Aramco CEO Amin Nasser, who will deliver virtual remarks instead [1].
CONCLUSION
Iran's attacks in the Strait of Hormuz have caused significant disruption to global oil shipping and heightened security concerns, with the UAE condemning the actions as 'economic terrorism.' The conflict has led to casualties and halted tanker traffic, underscoring the high market impact and urgent need for a resolution. The situation remains volatile, with industry leaders emphasizing the importance of keeping the Strait open for global energy stability.