The recent conflict in the Gulf has become a whole-economy shock with consequences reaching far beyond energy markets, Crescent Petroleum Chief Executive Officer Majid Jafar told an audience of senior business, finance and government leaders in Washington, DC, on Monday. Delivering the keynote address at the Arab Gulf States Institute’s Petro Diplomacy 2026 conference, Jafar said the disruption to flows through the Strait of Hormuz, through which around a fifth of the world’s oil normally passes, had exposed how dependent the global economy has become on a handful of strategic ...