Emirates, Qatar Airways and Etihad Airways have become some of the world’s largest and most profitable thanks to their location at the center of busy travel routes.
Geography and regional rivalries have prevented Gulf countries from finding a true alternative to the strait, which the war with Iran has effectively shut down.
Beyond its effects on oil and gas, the unfolding war in the Middle East is roiling shipping and airfreight, threatening the availability of a vast range of goods.
Countries already walloped by a breakdown of the international trading order, war in Ukraine and chaotic U.S. policymaking are facing potentially lasting economic damage.