The United Arab Emirates condemned Iran’s attacks on shipping in the Strait of Hormuz as economic terrorism, with the CEO of state-owned Abu Dhabi National Oil Company saying no country should be allowed to hold the waterway hostage.
Sultan Ahmed Al Jaber, CEO of Abu Dhabi National Oil Company, said weaponizing the Strait of Hormuz is an act of aggression against every nation in the world. Al Jaber made the remarks in a video message to oil industry executives at S&P Global’s CERAWeek conference on Monday. The CEO was scheduled to attend the conference but canceled his appearance because of the war.
“It is economic terrorism against every nation, and no country should be allowed to hold Hormuz hostage — not now, not ever,” Al Jaber said.
The strait is the most important sea route for oil in the world. About 20% of global oil and liquefied natural gas supplies transited the narrow waterway to global markets before the war. Tanker traffic has ground to a halt due to Iran’s attacks on ships in the Persian Gulf.
Al Jaber said the situation is a security issue rather than a supply issue, with the only durable answer being keeping the strait open.
The UAE has been targeted by Iran despite not participating in military action against Tehran. Iran has launched 352 ballistic missiles, 15 cruise missiles and more than 1,700 drones at the UAE since the war began, according to the UAE’s Defense Ministry. The attacks have killed eight people and left 161 injured.
“The United Arab Emirates was hit by an attack that was illegal, erratic, unjustified and completely unprovoked,” Al Jaber said. “We did not ask for this conflict. In fact, we took every possible step to prevent it.”
The attacks followed a massive strike by the U.S. and Israel against Iran on Feb. 28, which killed Ayatollah Ali Khamenei and other senior leaders. The two allies have launched waves of airstrikes for weeks targeting Iran’s military capabilities.
Iran has responded by attacking Arab neighbors that did not participate in the U.S.-Israeli attack.
