Sultan Al Jaber says Iran is holding the world hostage as oil executives at CERAWeek warn of mounting damage to supply chains, livelihoods, and the global economy.
Sultan Ahmed Al Jaber, CEO of Abu Dhabi National Oil Company (ADNOC), condemned Iran’s attacks against shipping in the Strait of Hormuz as economic terrorism at the CERAWeek energy conference in Houston on 23 March 2026. His remarks were echoed by other major oil executives, with TotalEnergies CEO Patrick Pouyanne warning that consequences extend well beyond energy prices and will damage other supply chains. Chevron CEO Mike Wirth said it will take time to recover from the disruption, while Vitol Americas’ Ben Marshall cautioned about severe demand destruction if Brent crude hits 20 a barrel.
The UAE, which has faced sustained Iranian missile and drone attacks since the conflict began, has been rerouting crude exports via the Abu Dhabi Crude Oil Pipeline to Fujairah, bypassing the strait. However, Fujairah itself has come under repeated drone strikes. The ADCOP pipeline is currently operating at 71% utilisation according to Kpler analysis, with some spare capacity remaining.
Oil prices have surged approximately 40% since the outbreak of the Iran war, reaching their highest levels since 2022, before easing after Trump’s announcement of a five-day pause on planned strikes against Iranian energy infrastructure.
Source: CNBC / Fox News
