Oil producers in the Gulf region have lost an estimated $15.1 billion in energy revenues since the launch of coordinated US-Israeli strikes on Iran in late February, according to a report from the Financial Times. The report, citing analysis from the energy analytics firm Kpler, states that the conflict and subsequent Iranian retaliatory measures have effectively closed the Strait of Hormuz, a critical maritime chokepoint for global energy supplies. The escalating hostilities have sent global crude prices soaring nearly 50% to approximately $120 per barrel, according to the same report [1]. While the US government, under President Donald Trump, has stated its…
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