DUBAI,— Abu Dhabi’s state oil company ADNOC chief Sultan Ahmed Al Jaber called any attempt by Iran to restrict movement through the Strait of Hormuz “economic terrorism” during remarks delivered in the United States on Wednesday.

“Iran holds Hormuz hostage, and every nation pays the ransom at the gas pump, at the grocery store, at the pharmacy,” Al Jaber said in his speech.

He added that no country should be allowed to disrupt the global economy in such a manner.

Earlier the same day, Al Jaber met U.S. Vice President JD Vance. During the meeting, he said that keeping the Strait of Hormuz open to all shipping was the only lasting way to stabilize global markets.

Tensions in the Middle East have risen after U.S. and Israeli strikes on Iran.

Tehran has strengthened its control over the Strait of Hormuz, a key route that carries about 20 percent of the world’s oil and gas supply. At first, Iran warned it could shut the strait completely, stopping all transit.

Iran later shifted its approach, allowing only ships it considers non-hostile to pass. This has reduced traffic and raised concerns about possible disruptions to global energy supplies.

Shipping activity has slowed, and prices have increased. Analysts say continued limits on passage could lead to wider economic effects and increase the global impact of the conflict.

The conflict has entered its fourth week following large-scale strikes by the United States and Israel on February 28, 2026.

Iran has responded with attacks on Israel and U.S.-allied Gulf states, including the UAE. These strikes have targeted civilian locations such as hotels, airports and energy facilities.

(With files from Reuters)

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