Iran is requiring ships to obtain its permission to pass through the Strait of Hormuz, the CEO of the United Arab Emirates’ state-owned oil firm stated.

“The Strait of Hormuz is not open,” Sultan Ahmed Al Jaber noted.

The oil shock will only deepen the longer the strait is not fully open to ships, Al Jaber warned.

The Strait of Hormuz has not opened to ship traffic after the U.S. and Iran agreed to a two-week ceasefire, remarked the CEO of Abu Dhabi National Oil Co., or ADNOC, on Thursday.

“This moment requires clarity,” stated Sultan Ahmed Al Jaber in a social media post. “So let’s be clear: the Strait of Hormuz is not open. Access is being restricted, conditioned and controlled.”

Iran has made clear that ships must obtain its permission to pass through the strait, Al Jaber noted. the ADNOC chief noted, “That is not freedom of navigation. That is coercion.”

ADNOC is the United Arab Emirates’ state-owned oil corporation. The UAE is the third-largest oil producer in OPEC, pumping 3.4 million barrels per day before the war broke out on Feb. 28

President Donald Trump mentioned Tuesday that the ceasefire was subject to Iran agreeing to the complete, immediate and safe opening of the Strait of Hormuz.

But ship traffic through the strait has not picked up since the ceasefire took effect, freight analysts have told CNBC. Traffic remains at the slow trickle that has been observed during most of the war, they mentioned.

Iran’s military command noted Wednesday that it will “manage and intelligently control the Strait of Hormuz,” according to state-owned Press TV.

Oil tanker traffic through the strait plunged during the war due to Iranian attacks on vessels, triggering the largest oil supply disruption in history. The strait connects oil producers in the Persian Gulf to the global economy. About 20% of global oil supplies passed through the narrow sea route before the war.

The final oil cargoes that transited the strait before the war are now arriving at their destinations, Al Jaber mentioned. The oil futures marketplace, which plunged after the ceasefire announcement, will soon meet the physical reality of the supply disruption, he mentioned.

“Every day the Strait remains restricted, the consequences compound,” the CEO commented. “Supply is delayed, markets tighten, prices rise. The impact is felt beyond energy markets, in economies, industries and households worldwide. Every day matters. Every delay deepens the disruption.”

Some 230 tankers are loaded with oil and waiting to sail out of the Gulf, Al Jaber stated.

The strait is a natural passage governed by international law that “guarantees transit as a matter of right; not a privilege to be granted, withheld or weaponized,” he commented.

the CEO noted, “Stability now depends on restoring real flows.” “Not partial access, not temporary measures, not controlled passage, but full and reliable supply.” This also touches on aspects of investors.