Rising oil prices are weighing on global economic growth, the chief executive of Abu Dhabi National Oil Company warned on Monday, as escalating geopolitical tensions continue to disrupt energy markets and heighten uncertainty.

Speaking via video link at the CERAWeek conference in Houston, ADNOC CEO Sultan Al Jaber said sustained volatility in oil markets is having a broad impact across economies. “Stability in energy markets underpins security in every market,” he told attendees, emphasizing the central role of reliable energy supply in supporting global economic activity.

Al Jaber stressed that energy security extends beyond policy rhetoric, describing it as a fundamental requirement for economic and social stability. “Energy security is not just a slogan,” he said, adding that it ultimately determines whether essential systems and infrastructure can continue to operate.

His remarks come as tensions linked to the ongoing conflict involving the US, Israel and Iran have significantly disrupted flows through the Strait of Hormuz, one of the world’s most critical energy transit routes. The narrow waterway, located off Iran’s southern coast, is estimated to handle roughly one-fifth of global oil and gas shipments.

Shipping through the strait has been severely curtailed amid escalating security threats, including warnings from Tehran that vessels attempting to pass without authorization could be targeted. The disruption has contributed to sharp price swings in global oil markets, with Brent crude climbing as high as $119.50 per barrel on March 9, its highest level since 2022, before easing to around $100 per barrel on Monday.

Al Jaber underscored the strategic importance of keeping vital energy corridors open, warning against any attempts to restrict access to the strait. He said no single country should be allowed to “hold the Strait of Hormuz hostage,” given its importance as a conduit for global energy supplies.

The UAE, a member of OPEC, has also faced direct security challenges since the conflict escalated in late February. According to Al Jaber, Iranian missiles and drones have targeted the country, describing the attacks as “illegal, erratic, unjustified and completely unprovoked.”