ADNOC Chief Warns of Prolonged Oil Disruption as Iran Maintains Control of Hormuz

The CEO of Abu Dhabi National Oil Co. (ADNOC), Sultan Ahmed Al Jaber, has warned that the Strait of Hormuz remains effectively closed to free navigation despite a recently brokered two-week ceasefire between the United States and Iran. Al Jaber stated that Iran is currently restricting and conditioning access to the waterway, requiring ships to obtain explicit permission to pass, a move he characterized as coercion rather than freedom of navigation. The conflict, which began on February 28, has already triggered the most significant oil supply disruption in history. The strait serves as a critical chokepoint, connecting Persian Gulf producers to global markets, with approximately 20% of the world's oil supplies typically transiting the route. Currently, an estimated 230 tankers are loaded with oil and waiting to exit the Gulf. While oil futures initially declined following the ceasefire announcement, Al Jaber cautioned that the market will soon encounter the physical reality of the supply gap. He warned that every day the strait remains restricted, the consequences compound, leading to tighter markets and rising prices that will impact global industries and households. This development contradicts statements from President Donald Trump, who indicated that the ceasefire was contingent upon the immediate and safe reopening of the passage. Freight analysts confirm that ship traffic has not recovered, remaining at the slow trickle observed throughout the majority of the conflict.