The United Arab Emirates’ industry minister Dr Sultan Al-Jaber says that because of the closure of the Strait of Hormuz.

“One billion barrels, that is the arithmetic of extortion,” the minister, also the head of the Abu Dhabi National Oil Company, says on X.

“Every day the Strait is held hostage, the costs go up … for families, farms, factories and economies around the world,” he adds, calling for the restoration of freedom of navigation.