Strait of Hormuz not open, Abu Dhabi’s oil chief says as crude prices rise

In Asian stock markets, South Korea’s Kospi lost 1.7% after rising 7.5% the day before, while Japan’s Nikkei fell 0.7% after rising 5.4%. Photograph: Ahn Young-joon/AP

The boss of Abu Dhabi’s state-owned oil company has said the strait of Hormuz is “not open” despite the US-Iran ceasefire agreed earlier this week, as uncertainty over the truce pushed the price of Brent crude towards $100 a barrel on Thursday.

Sultan Al Jaber, the chief executive officer of the Abu Dhabi National Oil Company (Adnoc), said passage through the crucial waterway was subject to “permission, conditions and political leverage” by Iran. He said energy security and global economic stability depended on the strait being opened “fully, unconditionally and without restriction”.