#gulf-economy

#gulf-economy

We could provide mine-clearance vessels we are good at that, Merz said, adding that a sound legal basis would be needed for such an intervention.

A 'workable system' of transit and shipowner confidence in the security of the transiting vessels is essential. This includes availability of insurance for transiting vessels, facilitating commercial trade financing, and sustained outbound vessel transits through the Strait of Hormuz.

"With that corridor uncertain, itineraries have been cancelled and future plans are on hold."

"As we have made clear, we will pursue global maritime enforcement efforts to disrupt illicit networks and interdict sanctioned vessels providing material support to Iran - anywhere they operate. International waters are not a refuge for sanctioned vessels."

The ongoing conflict between the US and Israel against Iran is creating significant challenges for Gulf Arab nations, which are already feeling the economic strain from rising tensions and instability in the region.

The analysis of energy imports reveals significant variations in the percentage sourced from the Middle East across different regions, indicating a complex global energy landscape.

The International Monetary Fund (IMF) has lowered its global economic growth forecast as tensions between the United States and Iran have driven up energy and food costs globally. The IMF expected the global economy to grow by 3.1 percent this year, a slowdown from its earlier forecast of 3.3 percent.

The global impact of the Gulf countries is not limited to oil. This region is a hub of the international economy and if it decides to focus on its defense and to start pulling investments and to stop its [economic] engagement with the international community, the effect will be felt in every household in the world.