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The head of Abu Dhabi National Oil Company (ADNOC) said Thursday that the Strait of Hormuz remains effectively closed despite a ceasefire, with Iranian restrictions still blocking normal energy exports and around 230 loaded oil vessels waiting to sail, Anadolu reports.
In a LinkedIn post, ADNOC CEO Sultan Al Jaber said access to the waterway was being restricted and conditioned, adding that “conditional passage is not passage” and that the strait must be reopened “fully, unconditionally and without restriction.”
Al Jaber said around 230 vessels loaded with oil are ready to sail and that ADNOC has already loaded cargoes, adding that the company would expand production within the limits imposed by war-related damage to its infrastructure and the need to ensure staff safety.
READ: Pakistan’s premier assures ‘highest support’ to US, Iran talks
“Markets remain at a critical crossroads. The final cargoes that transited the Strait of Hormuz before the conflict are now arriving at their destinations. This is where the paper traded markets are meeting physical reality, and the 40-day gap in global energy flows is truly exposed,” he added.
His remarks came as Iran announced alternative entry and exit routes for ships transiting the strait, saying the measures were aimed at reducing the risk of collisions with possible sea mines in the main shipping zone. Iranian media and officials said vessels should use designated corridors for maritime safety.
Shipping firms, however, have remained cautious despite the US-Iran ceasefire announced earlier this week.
Before the conflict, the Strait of Hormuz handled about one-fifth of global oil and LNG shipments, making any prolonged disruption a major risk for energy markets, particularly in Asia, which Al Jaber said receives most cargoes moving through the corridor.
READ: Iran halts Hormuz transit and warns of strikes after ceasefire violations in Lebanon
This work by Middle East Monitor is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
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