Weaponising the Strait of Hormuz is an act of economic terrorism with global impact far beyond energy markets, Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, told CERAWeek in Houston, Texas.

"When Hormuz is squeezed, the pressure is immediately felt around the world. In just three weeks, the price of oil has risen by 50 per cent. This is raising the cost of living for those who can least afford it and slowing economic growth everywhere. From factories, to farms, to families around the world, the human cost is mounting by the day," Dr Al Jaber said.

"So let me be absolutely clear. Weaponising the Strait of Hormuz is not an act of aggression against one nation. It is economic terrorism against every nation.

"And while we appreciate all efforts to stabilise markets and reduce prices, this is not a supply issue. It is a security issue, and it has only one durable answer, keeping the Strait open. We cannot trade our way out of this crisis."