The war has effectively blocked the Strait of Hormuz, the world's most important oil route, since the end of February and cut exports from OPEC+ members Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Iraq.
"A more decentralized energy system, with a growing share of renewables and more market players, is structurally more resilient. Countries that invested in the energy transition are weathering this crisis with less economic damage, as they boost energy security, resilience and competitiveness."
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.
