The effective closure of the Strait of Hormuz following the outbreak of the Iran conflict, is likely to be temporary given its vital economic role. This, alongside global oil market oversupply, should limit oil price rises and mitigate any potential disruptions to Iranian oil supply, said an industry expert.
Aviation across the Gulf and beyond descended into turmoil after US and Israeli strikes on Iran triggered retaliatory missile and drone attacks across the region, forcing several Gulf states to shut or restrict their airspace and suspend commercial flights.
