How severe has the economic impact of the Iran war been for the Gulf states?

The war between Iran and the US/Israel has significantly impacted the economies of the Gulf states, with the World Bank downgrading 2026 GDP growth forecasts from 4.4% to 1.3%. Saudi Arabia and the UAE have partially circumvented the Strait of Hormuz closure, capitalizing on rising global oil prices, while tourism sectors are experiencing a decline due to attacks on civilian areas. The region is also grappling with substantial damage to energy infrastructure.