"Disruptions to aviation, tourism, shipping routes, and energy exports combined with higher insurance premiums and freight costs mean the region is likely losing hundreds of millions of dollars per day in economic activity, said Khaled AlMezaini, an associate professor of politics and international relations at Zayed University in Dubai, the United Arab Emirates."
"Middle Eastern oil producers' daily output declined from 21 million barrels to 14 million barrels after a little more than a week of conflict, amid the closure of the Strait of Hormuz, according to Rystad Energy. Output is expected to drop substantially further if commercial shipping continues to avoid the strait amid Tehran's threats, with Rystad Energy predicting a decline to 6 million daily barrels in a worst-case scenario."
Iran's attacks on Gulf states since February 28 have severely disrupted regional economies. Iranian strikes have impacted energy production, tourism, aviation, and shipping routes, causing major economic losses. Daily oil output declined from 21 million to 14 million barrels within a week due to Strait of Hormuz closure, with potential further decline to 6 million barrels in worst-case scenarios. Combined effects of trade disruptions, higher insurance premiums, and freight costs create economic damage comparable to the 1990-91 Gulf War. The region loses hundreds of millions daily, with total impact depending on disruption duration.
Read at www.aljazeera.com
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