The chief executive of Abu Dhabi’s state-owned oil company has said the Strait of Hormuz is “not open”, despite the US-Iran ceasefire agreed earlier this week, as markets reacted to renewed uncertainty over the truce and pushed Brent crude prices towards $100 a barrel on Thursday.
Sultan Al Jaber, who leads the Abu Dhabi National Oil Company (Adnoc), said passage through the key waterway remained subject to “permission, conditions and political leverage” by Iran. His comments underscored how closely energy markets are watching the durability of the ceasefire and the implications for global oil supplies.
The Strait of Hormuz is one of the world’s most important shipping routes for crude exports, and any disruption there can quickly feed into price movements. On Thursday, traders appeared increasingly cautious as questions mounted over whether the ceasefire would hold.
Al Jaber said energy security and global economic stability depended on the strait being opened “fully, unconditionally and without restriction”. His remarks highlight the strategic importance of the waterway at a time when tensions in the Middle East continue to affect market expectations.
The latest rise in Brent crude comes as investors assess not only the ceasefire itself, but also the wider risks to oil transport and supply. For energy producers and consumers alike, access through the Strait of Hormuz remains a central concern, with any sign of disruption capable of sending prices higher.
The comments from Adnoc’s chief add to the uncertainty surrounding the regional situation and its impact on oil markets. With Brent crude approaching the $100 mark, the market response suggests that confidence in the truce remains fragile.
More broadly, the episode reflects how geopolitical developments in the Middle East continue to shape global energy prices. Even as diplomatic efforts produce a ceasefire, market participants are still weighing whether the agreement can be sustained and whether critical shipping routes will remain open without conditions.
