Following the commencement of US and Israeli military actions against Iran, it has been estimated that Gulf oil-producing countries, including Saudi Arabia, Iraq, the UAE, and Kuwait, have suffered losses amounting to approximately $15.1 billion, equivalent to around 22 trillion won. Conversely, Russia has emerged as one of the biggest beneficiaries of the conflict, reportedly earning up to $150 million per day through increased oil sales, largely driven by rising demand from countries like India and China. According to analytical firm Kepler, based on last year’s average prices and shipping volumes, around $1.2 billion worth of crude oil, refined oil, and liquefied natural gas is transported daily through the Strait of Hormuz. After the outbreak of conflict due to the Iranian war from late last month, Gulf states are expected to face losses estimated at $15.1 billion within 13 days. The firm also predicts that there is currently crude oil and related products worth at least $10.7 billion stuck near the Strait of Hormuz, unable to reach their destinations. Energy consulting firm Wood Mackenzie estimates that Gulf states have lost approximately $13.3 billion exclusively in oil revenues. Among these countries, Saudi Arabia, the largest oil exporter, is estimated to have lost about $4.5 billion since the war's onset. While Saudi Arabia's state oil company, Aramco, has the capability to reroute about 70% of its oil shipments via a pipeline to the Red Sea, analysts believe the reality of achieving such rerouting at that scale remains doubtful. The impacts are severely felt by Iraq, which relies on oil production for 90% of government revenues, leaving it especially vulnerable during this crisis.