The Israeli and US operation against Iran has forced Qatar to stop the work of its most important energy facility - the ''Ras Laffan'' complex. And although gas prices have soared, this is far from the only problem that the world and Iran's neighbors will face.
In his article for The Times, Ed Conway, head of the National Institute for Economic and Social Research, also looks at other risks.
The expert explains that no other field in the world provides as clean energy as ''Ras Laffan'', which processes gas from the giant Sever field. Its closure is a blow to the very heart of the global energy industry. In general, the problem of exporting energy resources is causing the entire mechanism to fall apart.
Two ''bombs'' for the Persian Gulf economy
If the Europeans are preparing for inflation, the Persian Gulf countries are facing a direct existential threat. Their economic model may simply collapse due to two global, but not everyone understands, problems.
First, the economist writes, oil fields cannot simply be turned off like a faucet in a kitchen. Crude oil erupts from the ground under enormous pressure and needs an outlet.
''Usually this outlet is tankers passing through the Strait of Hormuz. But if the strait is closed, the oil has nowhere to go and there are no pipelines for such volumes. Raw materials will start filling the storage facilities and when they are full, production will have to be stopped. This is a disaster for Iraq and Kuwait. Qatar's energy minister directly stated on Friday: this war could ''destroy the world economy'', the expert writes.
According to Conway, there is another thing that could collapse the economies of the Persian Gulf countries - the human factor. The economic miracle of the region - Dubai, Qatar, Bahrain - is built on the labor of expatriates. They were attracted there by low taxes and high wages.
''According to the World Bank, 77% of Qatar's population are not local residents. In the UAE, this figure is 74%, in Kuwait - 67%. This is an absolute world record and there is no such thing anywhere else in the world. Now the question arises: what will happen if these people decide that life under Iranian fire is too high a price and they have to evacuate home? The region's economy will simply grind to a halt because it is based on emigrants, Conway notes.
Water, Food and the Global Chessboard
Furthermore, according to the economist, the situation could get even worse.
''What will happen if Iran starts attacking desalination plants? They are the ones that provide the region with drinking water. What will happen when the grain silos run out and new ships with food cannot pass through the Strait of Hormuz? This is no longer an economic crisis, but a humanitarian crisis.
However, if the war is short and the strait is opened in a few weeks, the consequences will be manageable. Yes, bills will increase, inflation will hit everyone, but for the Gulf countries, even a few weeks of blockade can be fatal,'', the expert believes.
He also adds that there are people who will benefit from this crisis. These are exporting countries that do not depend on the Strait of Hormuz.
''First of all, this is Russia and, oddly enough, America. In recent years, the United States has become the largest exporter of liquefied natural gas (LNG) in the world. Now, thanks to the actions of the Trump administration, American gas companies can make a lot of money from this crisis,'' summarizes the economist.