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Hence, the severe restrictions in the flow of oil though the Strait of Hormuz, resulting from the recent US-Iranian attacks, may be seen as a stark rehearsal for the consequences of a severe shock in the global oil supply, as might be experienced from a “peak oil” crisis, with volatile price spikes and supply chain disruptions.
This is the paradox both Saudi Arabia and the UAE are now navigating. The grey war they are waging — economically, culturally, through regional proxies — is a race to secure the post-oil future before the other does.
March 12, 2026
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