Iran’s Block of Hormuz Oil Flows Is ‘Extortion,’ Al Jaber Says

Iran’s blockage of the Strait of Hormuz, which has choked off energy supplies from the Middle East, is “global economic extortion,” according to the head of the United Arab Emirates’ largest energy company.

The effective closure of the key waterway is “a threat the world cannot tolerate,” Sultan Al Jaber, chief executive officer of Abu Dhabi National Oil Co., said in an post on LinkedIn. “The world must act — together — to protect the free flow of energy and safeguard economic stability.”