Six months into the Iran-US war, Gulf states face deepening oil shocks and security realignment

Six months after surprise Israeli and US attacks on Iran on February 28, 2026, the war has not produced the regime change Washington sought, and oil-dependent Gulf economies continue absorbing supply shocks as Strait of Hormuz traffic slowed to a fraction of pre-war levels. A memorandum of understanding between Washington and Tehran was signed in June, but analysts interviewed by Al Jazeera broadly agree there is no sign the war will conclude, with uncertainty persisting across the region. Gulf states are accelerating economic diversification and new military partnerships, including a defence pact between Turkiye, Pakistan, and Saudi Arabia signed in Mecca.