A 'workable system' of transit and shipowner confidence in the security of the transiting vessels is essential. This includes availability of insurance for transiting vessels, facilitating commercial trade financing, and sustained outbound vessel transits through the Strait of Hormuz.
The ongoing conflict between the US and Israel against Iran is creating significant challenges for Gulf Arab nations, which are already feeling the economic strain from rising tensions and instability in the region.
The Ministers strongly condemned the unjustifiable Iranian attacks against the GCC countries which threaten regional and global security and called on Iran to cease immediately its attacks, they said in a joint EU-GCC statement. The statement also reaffirmed that Gulf countries have the right to take all necessary measures to defend their security and stability and protect their territories, citizens and residents.
Qatar's minister of state for foreign affairs, Mohammed bin Abdulaziz Al Khulaifi, speaks with Talk to Al Jazeera, as the Gulf faces its most dangerous escalation in years after coming under Iranian drone and missile attacks. Al Khulaifi condemns Iran's aggression, warns that attacks on energy infrastructure threaten global markets, and argues that Gulf security is inseparable from global stability.
The global impact of the Gulf countries is not limited to oil. This region is a hub of the international economy and if it decides to focus on its defense and to start pulling investments and to stop its [economic] engagement with the international community, the effect will be felt in every household in the world.
Gulf countries have pledged support for Kuwait's sovereignty after Iraq submitted new maritime coordinates and an updated map to the United Nations. Qatar, Bahrain, Oman, Saudi Arabia and the United Arab Emirates backed Kuwait after the emirate summoned Iraq's charge d'affaires on Saturday to protest Baghdad's move, calling it a violation of its sovereignty. list of 3 itemsend of list Iraq said it made the updates based on the lowest low-water line used to measure its territorial sea.
