The war and the disruption of global energy markets and Gulf economic stability

Following the outbreak of the US–Israeli war against Iran, Iran responded with military strikes against both the United States and Israel, including attacks on US military facilities in the Gulf. The war’s impact extends beyond the immediate region, particularly through Iran’s closure of the Strait of Hormuz, a critical artery for global oil transportation. This action has intensified geopolitical tensions and disrupted energy markets, contributing to a sharp rise in global oil

prices and increasing inflationary pressures worldwide. In the new round of attacks after the ceasefire, Houthis also closed the Strait of Bab el-Mandeb, further limiting international trade routes, particularly the oil route.

With the security threat, the region has experienced significant outflows of foreign investment and labour, raising concerns about the resilience and sustainability of Gulf economies under conditions of prolonged conflict. The Gulf states, in response, have sought solutions to address the security issues exposed in the face of the war. This seminar addresses both the regional economic consequences of the war and the regional response.

This event is in collaboration with the Middle East Institute, National University of Singapore.

Speakers

Professor Adam Hanieh

Adam Hanieh is director of the Middle East Institute at SOAS, University of London and Professor of Political Economy and Global Development in the Department of Development Studies, SOAS. His current research focuses on petrochemicals, ecology, and the political economy of the Gulf states of the Middle East. He is the author of several books, including Money, Markets, and Monarchies: The Gulf Cooperation Council and the Political Economy of the Contemporary Middle East (Cambridge University Press 2018), which was awarded the 2019 British International Studies Association IPE Group Book Prize, and Crude Capitalism: Oil, Corporate Power, and the Making of the World Market (Verso Books 2024), which was co-winner of the 2025 Best Book by an International Scholar, Global and Transnational Section of the American Sociological Association.

Professor Rory Miller

Rory Miller is Professor of International Politics and Director of both the Energy Studies Program and the Small States Research Program at Georgetown University in Qatar. He is currently a Visiting Professor in the War Studies Department at King's College London and a Non-Resident Senior Fellow at the Middle East Council on Global Affairs. Co-editor of the Cambridge University Press series on Intelligence and National Security in Africa and the Middle East, he is the author or editor of 13 books, with policy writing published in Foreign Affairs, The Economist, Foreign Policy and The Wall Street Journal. He writes a weekly geopolitics column for The Gulf Times.

Akram Zaou

Akram Zaoui is an Associate Fellow, Geopolitics at ORF Middle East (ORF ME), where he also serves as Chief of Staff to the President. His research examines the implications of the current geopolitical transition at the confluence of the African, Arab, and Mediterranean areas, with a particular interest in geoeconomics and its effects on national development and security, as well as regional integration, resilience, and stability. He joined ORF ME in January 2026, bringing over eight years of experience at the intersection of civil society, consulting, and policy research across Africa, Europe, and the Middle East. He previously served as Senior International Relations Specialist and Chargé de Mission (Advisor) to the Executive President of the Policy Centre for the New South (PCNS), a leading African think rank. In this capacity, he played a central role in the centre’s strategic development and external positioning, overseeing key partnerships and engagements with peer institutions, international organisations, senior policymakers, and thought leaders.

Registration will close two hours before the event begins.