The effective closure of the vital Strait of Hormuz by Iran is “economic terrorism against every nation,” the head of a state-owned energy giant in the United Arab Emirates has said.
“Much of the oxygen of the global economy runs through a single throat. And yet there are those who believe that choking that throat is an acceptable strategy,” said Sultan Ahmed Al Jaber, CEO of ADNOC (the Abu Dhabi National Oil Company), referring to the waterway that is ordinarily the conduit for around a fifth of the world’s oil and natural gas supply. He avoided naming Iran, however.
“When Hormuz is squeezed, the pressure is immediately felt around the world,” Al Jaber said Monday at the CERAWeek energy conference in Texas, noting a sharp rise in the price of oil since the start of the Iran war on February 28. Brent crude, the global benchmark, has jumped by nearly 40 percent in that time.
“So let me be absolutely clear: Weaponizing the Strait of Hormuz is not an act of aggression against one nation. It’s economic terrorism against every nation. And no country should be allowed to hold Hormuz hostage. Not now. Not ever.”
