Strait of Hormuz ‘not open’, warns boss of Abu Dhabi’s state-owned oil company
Uncertainty over US-Iran ceasefire pushes price of US oil over $100 a barrel
The boss of Abu Dhabi’s state-owned oil company has warned that the strait of Hormuz is “not open” despite the US-Iran ceasefire agreed earlier this week, as uncertainty over the truce pushed the price of US oil over $100 a barrel on Thursday.
Sultan Al Jaber, chief executive officer of the Abu Dhabi National Oil Company (Adnoc), said passage through the crucial waterway was subject to “permission, conditions and political leverage” by Iran. He insisted that energy security and global economic stability depend on the strait being opened “fully, unconditionally and without restriction”.