The list of hostages in the war waged by Donald Trump and Benjamin Netanyahu in Iran is extensive. Thousands of miles away, two continents — Asia and Europe — are experiencing a price surge not seen since Russia’s invasion of Ukraine in 2022. Just around the corner, half a dozen Persian Gulf countries that have suffered the brunt of the attacks — the United Arab Emirates, Iraq, Bahrain, Qatar, Kuwait, and Saudi Arabia — are seeing their oil and gas exports severely restricted by the double blockade of the Strait of Hormuz. It is an economic blow of biblical proportions, already prompting the first calls for help to the United States, the historic ally of this cluster of petrostates and, at the same time, the trigger of a crisis with unpredictable reach and consequences.

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