Strait of Hormuz Closed

ADNOC CEO Sultan Ahmed Al Jaber says the Strait of Hormuz is not open to ship traffic despite a two-week ceasefire between the U.S. and Iran. Iran is restricting and controlling access, with ships requiring permission to pass through. This move is a blow to oil producers in the Persian Gulf, who rely on the strait to reach the global market. The UAE, the third-largest oil producer in OPEC, pumps 3.4 million barrels per day and is heavily dependent on the strait.

The closure of the strait has significant implications for global oil supplies, with about 20% of global oil passing through the waterway. The lack of ship traffic has resulted in the largest oil supply disruption in history, and the situation shows no signs of improving.

The situation will be closely monitored in the coming days, with the U.S. having stated that the ceasefire is subject to the complete, immediate and safe opening of the Strait of Hormuz. A key date to watch is the end of the two-week ceasefire, when it will become clear whether Iran will agree to open the strait or if further action will be taken.