The Middle East escalation has cut off a number of American allies from the vital Strait of Hormuz
Oil producers in the Gulf region have lost an estimated $15.1 billion in energy revenues since the launch of the US-Israeli strikes on Iran, the Financial Times reported on Friday, citing estimates by analytics firm Kpler.
The US and Israel conducted coordinated strikes on the Islamic Republic in late February, triggering Iranian retaliatory attacks across the region. The escalating crisis effectively shut down the Strait of Hormuz – a critical route that handles roughly one-fifth of the world’s daily oil and gas supply – as Tehran barred ships…
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