Adnoc Gas, the Abu Dhabi‑owned gas arm of ADNOC, warned that the prolonged closure of the Strait of Hormuz will trim its 2024 net profit. The company now projects a full‑year net income of $3.5 billion to $4.0 billion, down from last year’s record $5.2 billion to reflect the current shipping paralysis and the uncertainty surrounding a swift reopening while market volatility continues to weigh.

Adnoc Gas estimates a quarterly hit of $400 million to $600 million to second‑quarter net income as the waterway remains blocked. Management assumes shipping operations will resume before quarter end, but Iranian threats and a U.S. blockade have kept the strait largely impassable since late February, disrupting global energy flows and causing price volatility worldwide today.

Two‑thirds of Adnoc Gas’s sales volume target domestic customers, mainly gas products, while the remaining third exports liquefied petroleum gas, liquefied natural gas, and naphtha through the strait. Even once the passage opens, logistical coordination could delay cargo movement for weeks, amplifying revenue uncertainty for the company and downstream buyers and their supply chains.

The Strait of Hormuz closure has pushed global oil prices higher, tightening supply chains across the Middle East. Adnoc Gas’s revised outlook underscores the vulnerability of regional energy firms to geopolitical shocks. Investors will watch how quickly shipping normalizes and whether the company can recover the projected profit gap before year‑end and meet expectations.