Gulf Economies Face Crisis Amid U.S.-Israel Conflict, Poll Shows
Gulf Cooperation Council (GCC) economies are experiencing their worst crisis since the pandemic due to the U.S.-Israel conflict with Iran, according to a Reuters poll. The conflict has disrupted the energy market, causing a historic supply shock and leading to sharply higher oil prices. Economists have revised growth forecasts for 2026, with some countries expected to contract. The near-total closure of the Strait of Hormuz and damage to refineries have severely impacted the region's economies. Despite high oil prices, Qatar, Kuwait, and Bahrain are expected to shrink, while the UAE's growth is stagnating. Saudi Arabia and Oman are faring slightly better but still face reduced growth forecasts. 
