Although the six Gulf countries have diversified their economies, hydrocarbons still account for about 30% of their gross domestic product (GDP). The blockade of the Strait of Hormuz is also preventing them from importing goods, while the region relies on imports for 85% of its food supply.

Iranian officials warn of ‘war of attrition’ and global economic chaos as energy supplies are throttled

The Iran war is restricting shipments of Saudi and Iraqi oil through the crucial Strait of Hormuz. That's raising prices on gas and other items.