Mohammad Sıo
26 March 2026•Update: 26 March 2026
ISTANBUL
The Gulf Cooperation Council (GCC) warned Thursday that Iranian attacks on Gulf countries and the closure of the Strait of Hormuz have “crossed all red lines,” raising alarm over global economic consequences.
Speaking at a press conference in the Saudi Arabia capital, Riyadh, GCC Secretary-General Jasem Al Budaiwi said the situation in the Gulf poses an immediate and long-term threat to international stability.
“The Strait of Hormuz is closed today, and the results might be limited for some period of time, but on the long run, this will affect the economic growth in the world,” he said.
Budaiwi said the escalation has already impacted the global economy, with rising prices and increased transportation costs, while maritime navigation through the strategic waterway has been severely affected.
He warned that the risks could expand beyond the energy sector, affecting global supply chains and even the digital economy.
“What is representing a threat today will grow up in the future, and the chains must be protected,” he said, calling the situation an “international responsibility.”
“The deterioration of the situation in the Arab Gulf will be a warning that will go beyond the Gulf area to other parts in the world,” he added.
He warned that these developments would “100% destabilize international stability and would postpone the commercial chains, and the exportation of oil and gas to the world.”
Iran's actions, including attacks and the shutdown of the Strait of Hormuz, have “crossed all red lines,” he said.
The Strait of Hormuz has been effectively disrupted since early March. Around 20 million barrels of oil normally pass through it daily, and its disruption has driven up shipping costs and pushed global oil prices higher.
Regional escalation has continued to flare since the US and Israel launched a joint offensive on Iran on Feb. 28, killing so far over 1,340 people, including then-Supreme Leader Ali Khamenei.
Iran has retaliated with drone and missile strikes targeting Israel, along with Jordan, Iraq, and Gulf countries hosting US military assets, causing casualties and damage to infrastructure while disrupting global markets and aviation.
