Hormuz Oil Flows Won't Return Before 2027, ADNOC CEO Warns

The head of the United Arab Emirates' state oil firm ADNOC has warned that full oil flows through the Strait of Hormuz will not return before the first or second quarter of 2027. This is despite a potential end to the Middle East conflict now.

ADNOC CEO Sultan Al Jaber made this statement during an Atlantic Council event on Wednesday, echoing concerns raised by his counterpart at Saudi Arabia's oil giant Aramco, Amin Nasser. The latter had previously predicted that the oil market may not recover until 2027 if the situation persists through mid-June.

The conflict has led to a surge in energy prices, pushing inflation higher and fuelling fears of an economic downturn. Iran's blockade of the strait has disrupted one-fifth of global oil flows, and ADNOC's Jaber urged renewed investment to strengthen global energy supply chains.