Amos Hochstein, Managing Partner at TWG Global and former Biden advisor, told Bloomberg that trust between Iran and GCC neighbors has completely dissolved following Iranian missile and drone attacks on at least five Middle Eastern nations. Citizens in those countries were urged to take shelter as tensions escalate in a region critical to global energy security.

The United States issued a temporary license permitting Indian refiners to continue receiving Russian crude shipments, while reports indicate traffic has come to a near-total halt in the strategically vital Strait of Hormuz. This chokepoint handles about a fifth of global oil supplies and represents a critical vulnerability in international energy infrastructure.

Hochstein spoke with Bloomberg's Joumanna Bercetche about the oil markets' reaction to the conflict and the Gulf Cooperation Council's position within it. The developments threaten oil supply routes and could significantly impact global energy markets already facing volatility from geopolitical tensions, with potential ripple effects on prices worldwide.