Tehran accused of ‘weaponising’ Hormuz as oil gains ahead of US-Iran talks

The Strait of Hormuz is still not fully open despite the US–Iran ceasefire, according to the head of Abu Dhabi’s state oil company.

Sultan Al Jaber, the chief executive officer of the Abu Dhabi National Oil Company, said in a post on LinkedIn that “access is being restricted, conditioned and controlled” through the world’s most critical waterway.

“The weaponisation of this vital waterway, in any form, cannot stand. This would set a dangerous precedent for the world – undermining the principle of freedom of navigation that underpins global trade and, ultimately, the stability of the global economy,” Mr Al Jaber wrote.

“An estimated 230 vessels sit loaded with oil and ready to sail. They, and every vessel that follows, must be free to navigate this corridor without condition. No country has a legitimate right to determine who may pass and under what terms. Iran has made clear – through both its statements and actions – that passage is subject to permission, conditions and political leverage. That is not freedom of navigation. That is coercion.”

Iran effectively shut down the Strait of Hormuz, a vital maritime route that normally carries about a fifth of the world’s oil and gas, after US and Israeli attacks in late February, leaving around 1,400 ships stranded on either side.

However, despite the US–Iran truce agreed on Wednesday, which supposedly included reopening the strait, very few ships have actually moved.

This uncertainty has pushed energy prices higher and caused stock markets across Asia and Europe to fall, as fears grow that the truce may already be breaking down and tensions could escalate again.

“Every day the strait remains restricted, the consequences compound. Supply is delayed, markets tighten, prices rise. The impact is felt beyond energy markets, in economies, industries and households worldwide. Every day matters. Every delay deepens the disruption,” Mr Al Jaber wrote.

Asian stocks mostly rose on Friday, following gains on Wall Street, while oil prices also edged higher amid a fragile Iran ceasefire and upcoming US-Iran talks. Major indices, including South Korea’s Kospi and Japan’s Nikkei 225 posted strong gains, with Japanese retailer Fast Retailing surging after raising profit forecasts.

London’s FTSE 100, Hong Kong’s Hang Seng and China’s Shanghai Composite Index also climbed, even as China reported softer-than-expected inflation.

Elsewhere, Australia’s S&P/ASX 200 slipped, while Taiwan and India saw moderate gains.

Oil and gas prices have swung sharply amid the ongoing uncertainty. Brent crude jumped more than 4 per cent to above $99 (£74) a barrel on Thursday, while US crude surged 8 per cent to over $102, reversing a steep drop the previous day when Brent had fallen more than 13 per cent to a four-week low.

“The initial wave of relief following president Trump’s two-week ceasefire announcement has quickly given way to underlying doubts,” IG Australia market analyst Tony Sycamore said.

“All eyes remain firmly on tanker tracker flows through the Strait of Hormuz for any signs of increased activity ahead of peace talks scheduled in Pakistan.”

Gas markets showed a similar pattern: UK gas prices edged up after a 15 per cent plunge, and European natural gas futures rebounded from recent lows.

Tensions remained high as Iran’s Revolutionary Guard Corps warned of a “regret-inducing response” if Israel continued its strikes on Lebanon, which have already caused heavy casualties.