Iran War Economic Impacts

The UAE briefly closed and then reopened its airspace after intercepting incoming Iranian missile and drone attacks that also ignited fires at fuel facilities near Fujairah and Dubai, while Iran has continued launching salvos at Gulf Arab states and Israel. Israel says its strikes have killed top Iranian officials and severely degraded Iran’s air defenses and missile launchers, actions that have paralyzed much of the Strait of Hormuz—leaving hundreds of ships stalled and pushing oil above $100 a barrel—while U.S. appeals for partner help to secure shipping routes have produced limited public commitments.