Gulf oil revenues plummet amid Hormuz crisis

A Financial Times report details a historic collapse in oil revenues for most Persian Gulf Arab states, citing the US and Israeli war against Iran and the disruption in the Strait of Hormuz. Weekly oil revenues for governments in the region have fallen by 65% to 85% compared to pre-war levels, with Qatar suffering an 85% reduction, Kuwait 80%, Bahrain 70%, and the UAE 20%. In contrast, Oman's revenues have grown by 65% and Saudi Arabia's have increased by 10%, reflecting severe and uneven economic fluctuations across the region.