US-Israel conflict over Iran impacts Gulf economies

The Gulf Cooperation Council (GCC) states face significant challenges as tensions escalate between the U.S.-Israeli alliance and Iran, leading to unprovoked Iranian strikes on Gulf nations. These attacks have severely disrupted oil exports through the Strait of Hormuz, causing a drop in export volumes and forcing Iraq to cut production. The GCC is also grappling with soaring defense costs, as they invest heavily in air defense systems compared to Iran’s relatively low expenditure on missile strikes, raising concerns about resource depletion and economic fallout.

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