economy
March 14, 2026
US-Israeli war on Iran wipes billions off Gulf energy revenues
Gulf states have reportedly lost billions as escalating tensions in the region cut off several US allies from the Strait of Hormuz
TL;DR
- Gulf oil producers have lost an estimated $15.1 billion in energy revenues since US-Israeli strikes on Iran.
- The conflict led to the closure of the Strait of Hormuz, a crucial route for global oil and gas supply.
- Global crude prices surged by nearly 50% to $120 per barrel.
- Saudi Arabia has been hardest hit, with an estimated $4.5 billion revenue loss.
- Deferred sales and tax revenue due to disrupted oil shipments total $13.3 billion.
- US President Donald Trump stated that American forces would escort vessels through the Strait of Hormuz if necessary.
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