As the economic fallout of the United States and Israel’s war with Iran reverberates across the globe, the economies of the Gulf are suffering some of the worst damage.Iran has launched continuous attacks on Gulf states since the onset of the conflict on February 28, arguing that it is attacking military bases used by the US for the war. Gulf nations have rejected Tehran’s claims, insisting the attacks on them are unjustified.Recommended Stories list of 4 itemsend of listThe Iranian strikes have upended energy production and inflicted major disruptions to tourism and travel, putting the region at risk of some of the most severe economic harm since the 1990-1991 Gulf War.“Disruptions to aviation, tourism, shipping routes and energy exports combined with higher insurance premiums and freight costs mean the region is likely losing hundreds of millions of dollars per day in economic activity,” said Khaled Almezaini, an associate professor of politics and international relations at Zayed University in Dubai in the United Arab Emirates.“The exact scale will depend largely on how long disruptions to trade routes, ports and airspace continue.”After more than two weeks of war, the economic impact on the region has already been substantial.Middle Eastern oil producers’ daily output declined from 21 million barrels to 14 million barrels after a little more than a week of conflict as they deal with the closure of the Strait of Hormuz, according to Rystad Energy.Output is expected to drop substant …
