The United Arab Emirates has stated that Iran's weaponization of energy and trade flows through the Strait of Hormuz amounts to economic terrorism against every nation in the world. The UAE's own liquefied natural gas supplies and a significant portion of its oil exports have already been blocked by disruptions in this critical maritime passage.
"Twenty million barrels per day. Nearly one-fifth of global oil and gas. Over one-third of the world's fertilizers. Almost a quarter of global petrochemicals, along with substantial volumes of industrial metals," said Sultan Ahmed Al Jaber, UAE Minister of Industry and CEO of the Abu Dhabi National Oil Company (ADOC), referring to the strategic importance of the Strait of Hormuz during the CERAWeek conference in Houston.
"In short, a major artery of the global economy flows through this narrow chokepoint. Yet Iran considers choking it an acceptable strategy," Al Jaber added.
Since airstrikes were carried out against Iran by the United States and Israel on February 28, daily traffic through the Strait of Hormuz—which typically includes more than 100 vessels, including oil tankers—has dwindled to just a handful of ships per week. All cargo now appears to require explicit approval from Iran to pass.
The impact on global energy supplies has been immediate. Asian refiners are scrambling to secure non-Middle Eastern supplies, paying record-high premiums for alternative crude grades while reducing refinery run rates. Oil prices rose 50% in March, Asian spot LNG prices hit multi-year highs, and European benchmark gas prices have doubled compared to a month ago.
"Weaponizing the Strait of Hormuz is not an act of aggression against one country. It is economic terrorism against every country. No nation should be allowed to hold the Strait of Hormuz hostage—not now, not ever," emphasized Al Jaber.
The executive noted, "While we appreciate all efforts to stabilize markets and lower prices, this is not a supply issue. It is a security issue, and there is only one lasting solution: keeping the strait open. We cannot trade our way out of this crisis."