Oil producers in the Middle East would typically rejoice at oil prices of $100 per barrel as they would see windfall revenues from their exports. But since the Iran war trapped most oil and gas shipments at the Strait of Hormuz, the Gulf economies have lost billions of dollars in oil revenues and haven’t seen any upside from the oil price spike. The United Arab Emirates, one of the richest Gulf countries, hasn’t been spared from crashing revenues from oil, and tourism, too, as airlines have cut routes to avoid the war zone, which the…
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