GCC

GCC Needs Self-Insurance Ahead of the Next Hormuz Strait Crisis

The crisis sparked by the US-Israel war with Iran has hit GCC members unevenly: while Oman remained largely unaffected and Saudi Arabia and the UAE rerouted exports, Kuwait, Bahrain and Qatar face economic isolation. Experts argue that swap agreements—already familiar to Gulf states—could cushion current shocks and serve as long-term insurance against future Hormuz Strait closures.