The Iran conflict has significantly disrupted the Gulf states' security and economic stability. Concerns over disruptions to the Strait of Hormuz and rising war-risk premiums are prompting discussions about alternative global partnerships.

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...