Summary

With Iran’s blockade of the Strait of Hormuz forcing Gulf oil producers to dramatically curb output, governments across the region are intensifying investment in overseas renewable energy projects, underscoring their growing strategic importance amid the escalating energy crisis. Now in its third month, the U.S.-Israeli war with Iran has triggered the largest supply disruption in the history of the global oil market according to the International Energy Agency (IEA), adding renewed incentive to the Gulf countries’ plans to diversify their energy mix and economies more broadly.

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