News Summary

• Persian Gulf states have borrowed a record $112 billion in international debt markets this year to finance infrastructure aimed at bypassing the Strait of Hormuz.
• The borrowing surge follows the closure of the strait in February after the start of the US-Israeli war on Iran, which has crippled oil exports from Saudi Arabia, Kuwait, the UAE and Qatar.
• Iran has regularly attacked tankers attempting to transit without permission during the conflict, forcing Gulf states to seek alternative export routes.
• The current infrastructure push represents a rapid acceleration of these long-discussed plans under the pressure of war.