Sultan Ahmed Al Jaber, Chief Executive Officer of Abu Dhabi National Oil Company (ADNOC) during the India Energy Week in Goa, India, on Tuesday, Jan. 27, 2026.
Dheeraj Singh Bloomberg | getty images
HOUSTON – The United Arab Emirates on Monday condemned Iran’s attacks against shipping in the Strait of Hormuz, calling them a form of “economic terrorism” that is holding the world hostage.
Sultan Ahmed Al Jaber, CEO of Saudi Arabia, said, “Let me be absolutely clear, weaponizing the Strait of Hormuz is not an act of aggression against any one nation.” Abu Dhabi National Oil Company (ADNOC).
“This is economic terrorism against every country, and no country should be allowed to hold Hormuz hostage – not now, not ever,” Al Jaber told oil industry executives at S&P Global’s CERAWeek conference in Houston, Texas.
This strait is the most important sea route for oil in the world. Before the war about 20% of the global oil and liquefied natural gas supply moved through the narrow waterway to global markets. Tanker traffic has been halted due to Iran’s attacks on ships in the Persian Gulf.
“While we all appreciate all efforts to stabilize the market and reduce prices, we must be clear – this is not a supply issue,” Al Jaber said. “This is a security issue and there is only one sustainable answer – keeping the strait open.”
Al Jaber made his comments via a video message. The CEO was scheduled to attend the conference, but canceled his attendance due to the war.
Sheikh Nawaf S., CEO of Kuwait Petroleum Corporation. Al-Sabah also canceled its in-person appearance at the conference on Tuesday because of the war. A spokesperson told CNBC he would deliver virtual remarks instead.
Saudi Aramco CEO Amin Nasser has also withdrawn from the conference, a source told Reuters.
The US and Israel launched a massive attack against Iran on February 28, killing its head of state Ayatollah Ali Khamenei and other senior leaders. The two allies have launched airstrikes for weeks targeting the Islamic Republic’s military capabilities.
Iran has responded by attacking Arab neighbors that did not participate in the US-Israeli attacks. Tehran has launched 352 ballistic missiles, 15 cruise missiles and more than 1,700 drones at the UAE since the war began, according to the Gulf country. Ministry of Defence. Eight people died and 161 were injured in the attacks.
Al Jaber said, “The UAE was hit by an attack that was illegal, irregular, unjustified and completely unprovoked.” “We did not ask for this conflict. In fact, we took every possible step to prevent it.”
The war appeared to escalate over the weekend when US President Donald Trump threatened to bomb Iran’s power plants if it did not allow traffic through the strait to resume.
Trump postponed the strikes for five days after he said the US had had talks with Iran, which the US president described as “productive”. Oil prices fell nearly 11% on Monday as Trump’s sudden turnaround raised hopes the war could be resolved through talks. Prices have increased by more than 30% since the war began.
