The agreement the US and Iran are close to signing involves a 60-day ceasefire extension during which the Strait of Hormuz would be reopened, Axios has reported. Iran would freely sell oil, and negotiations would be held on curbing its nuclear programme, it said.
ADNOC remained committed to its $150 billion five-year capital expenditure (CAPEX) programme, said Dr Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology. He sought an absolute commitment to freedom of navigation through the Strait of Hormuz to to enhance global energy resilience.
The Abu Dhabi National Oil Company (ADNOC) is accelerating construction of a second crude export pipeline designed to bypass the strategically sensitive Strait of Hormuz, with the project now 50% complete and targeted for delivery in 2027, according to Dr Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO.
Three supertankers carrying 6 million barrels of Middle East crude resumed crossing the strategic Strait of Hormuz on Wednesday, signalling tentative hopes for stability in global oil flows as US President Donald Trump indicated he was prepared to give Iran a few more days to respond to Washington’s latest proposal aimed at ending the conflict.
The UAE is accelerating construction of a major new oil pipeline that will double ADNOC’s crude export capacity through the emirate of Fujairah, strengthening the country’s ability to ship oil to global markets without relying on the strategically vital but increasingly vulnerable Strait of Hormuz.
A cargo ship was sunk off Oman and another vessel was reportedly seized near the United Arab Emirates and taken toward Iranian waters on Thursday, underscoring the continuing disruption to shipping through the Strait of Hormuz as diplomatic efforts to ease tensions showed little sign of success.
Countries striking side deals with Iran to secure oil and gas shipments through the Strait of Hormuz are raising fresh concerns among Gulf exporters, as the lack of progress in US-Iran peace talks fuels fears that Tehran could entrench its new control over one of the world’s most critical energy corridors.
International Energy Agency (IEA) says global oil markets face disruptions in 2026 due to Middle East conflict and Strait of Hormuz restrictions, with demand forecast to fall by 420 kb/d to 104 mb/d, led by a sharp Q2 decline.
ADNOC Gas reported $1.1 billion net income in Q1 2026, demonstrating strong operational and financial performance despite regional uncertainty, energy-sector disruption, and maritime challenges affecting movements through the Strait of Hormuz.
Amin Nasser, President and CEO of Aramco, warned that ongoing disruptions to oil exports through the Strait of Hormuz could postpone the global oil market’s recovery until 2027, according to a report by Reuters.
