The Iran war has delivered a systemic shock to the Gulf’s security architecture and economic miracle. Two taboos were rapidly broken. The Strait of Hormuz, which carries roughly one-fifth of global oil consumption and close to a quarter of seaborne crude, was paralysed for sustained periods. Iranian strikes reached deep into Gulf territory, hitting ports, energy terminals and airports with a frequency that exceeded attacks on Israel. War-risk insurance premiums and tanker charter rates surged...
‘This will be a great and brilliant day for the world’ Donald Trump said as Iran fully opens the Strait of Hormuz.
The Gulf’s six Arab monarchies, battered by Iranian drones and missiles because of a war they never wanted, are watching with trepidation to see what the Pakistan-hosted US-Iran negotiations will yield for their collective future. After China and Russia vetoed the Gulf Cooperation Council’s bid to attain UN Security Council approval for “defensive” measures to force open the Strait of Hormuz earlier this week, analysts say the GCC states have little sway over what is about to transpire in...