While some countries in the Middle East region benefit greatly alongside others who suffer heavy losses, according to Reuters analysis.
The countries that benefited greatly when the transport route through the Strait of Hormuz was blocked include Iran, Oman and Saudi Arabia. Significant financial gains are due to rising oil prices and the ability to maintain exports through alternative routes. Conversely, countries that are almost entirely dependent on the Strait of Hormuz for oil exports such as Iraq, Kuwait and Qatar have lost billions of USD in revenue.
Iran in fact closed the Strait of Hormuz - a shipping route for about 1/5 of global oil and natural gas - after airstrikes by the US and Israel against the country at the end of February, causing the conflict to spread. Tehran later said it would allow ships unrelated to the US or Israel to pass through.
Although some oil tankers can still cross this narrow waterway route, the global energy market is still experiencing unprecedented disruptions. International Brent oil prices increased by 60% in March - the highest monthly increase in history.
The economic impact between countries in the region is therefore increasingly disparate. Due to alternative export routes, Iran recorded an increase in oil revenue of 37%, Oman increased by 26% and Saudi Arabia increased by 4.3%. Meanwhile, Iraq lost up to 76% of oil revenue, and Kuwait decreased by 73% due to unable to transport oil to the international market.
Saudi Arabia has somewhat minimized damage thanks to the east-west pipeline that allows oil to be transported to the Red Sea without passing through the Strait of Hormuz. However, the country's energy infrastructure still faces the risk of being attacked if the conflict escalates.
The crisis also raised widespread concerns about global energy security, as supply was seriously disrupted and energy prices escalated, forcing many countries to seek alternative shipping routes or use strategic reserves.
