Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and CEO of ADNOC, has accused Iran of engaging in “global economic extortion” through its actions in the Strait of Hormuz, warning of severe global consequences.
He said Iran’s effective restriction of the vital waterway—through which about one-fifth of global oil passes—has disrupted energy flows, driven up prices, and intensified inflation worldwide.
Al Jaber stressed that the crisis is no longer regional, as rising fuel, food, and transport costs are already impacting economies from Asia to Europe.
He urged coordinated international action to safeguard free navigation, warning that continued disruption threatens affordability for billions and broader global economic stability.
