The United Arab Emirates has condemned Iran's attacks on shipping in the Strait of Hormuz as an "economic terrorism" that is holding the world hostage. Sultan Ahmed Al Jaber, CEO of Abu Dhabi National Oil Co. (ADNOC), delivered his remarks at S&P Global's CERAWeek conference in Houston. The Strait is the most important sea route for oil and around 20% of global oil and liquefied natural gas supplies transited the narrow waterway before the war. Kuwait Petroleum Corporation CEO Shaikh Nawaf S. Al-Sabah cancelled his in-person appearance at the conference and Saudi Aramco CEO Amin Nasser has also withdrawn from the conference. The U.S. and Israel launched a massive attack against Iran on Feb. 28, killing its head of state Ayatollah Ali Khamenei and other senior leaders.