Gulf States Back Down? Arab Nations 'Bow Down' To Iran's Hormuz Terms | Report

The Strait of Hormuz crisis is entering a dramatic new phase. According to a Wall Street Journal report, Gulf energy producers are reportedly preparing for the possibility that Iran could retain lasting control over the crucial waterway — because avoiding another war with Tehran may be seen as the lesser evil. The Strait of Hormuz is a critical global energy chokepoint, with around 20 million barrels of oil and petroleum products normally passing through it every day. But the conflict has severely disrupted shipping, forcing Gulf states to explore alternative pipelines, export routes and storage options. Now, negotiations to reopen the strait are facing major hurdles, with Iran demanding concessions while the U.S. rejects any deal that could give Tehran the ability to restrict commercial shipping. Could Iran emerge from the Hormuz crisis with permanent strategic leverage over Gulf energy exports? And what would that mean for global oil prices, the Gulf states, the United States and the world economy?