Amidst the ongoing war in the Middle East, Iran has adopted such a strategy, the impact of which is not limited to war only, but is affecting the economy of the entire world. During the ongoing conflict with Israel, instead of directly targeting military bases, Iran has targeted those places from where oil and gas are supplied to the whole world.

Iran has also used the Strait of Hormuz to create pressure. This sea route is very important because a large part of the world’s oil passes through here. Along with this, Ras Laffan Industries city was attacked, which is the world’s largest gas center located in Qatar. About 20 percent of the world’s gas is supplied from here. Many missiles were fired in the attack, some of which were stopped but one missile hit the plant directly, causing major damage. Shell’s Pearl GTL plant located here was also badly affected, which converts gas into liquid fuel.

Habshan Gas Complex closed

The Habshan Gas Complex of the United Arab Emirates also had to be closed. This plant produces about 6.1 billion cubic feet of gas daily and meets about 60 percent of the UAE’s needs. This gas is used in generating electricity, purifying water and in big industries. An attack was also attempted in Saudi Arabia. Ballistic missiles were fired towards Riyadh and an attempt was made to target the refinery in the eastern area with drones. There is a big refinery like Ras Tanura here, which processes about 5.5 lakh barrels of oil every day and from here petrol, diesel and other fuels are sent to many countries.

Oil and gas prices rose sharply around the world

After these attacks, oil and gas prices increased rapidly across the world. The price of crude oil reached above $112 per barrel. Diesel in America has become more than $ 5 per gallon, which is the highest after 2022. Gas prices in Europe increased by nearly 70 percent and in Asia, LNG prices saw an increase of nearly 88 percent. The impact of these attacks is not limited to these countries only. Countries like China, India, Japan and South Korea are heavily dependent on these gas supplies.

India takes a major part of its gas requirement from Qatar, hence the impact of this crisis can be felt here also. There are very few gas reserves left in many countries. At some places only 9 to 11 days of stock is left. The situation of countries like Pakistan and Bangladesh may be even more difficult, because they have less options.

Attack on the world’s major energy supply center

The places that Iran has targeted are not just local plants, but are major centers of energy supply for the entire world. Attack on them means that its impact reaches every country, every industry and common people. If this situation continues for a long time, inflation may increase further and it will have a deep impact on the world economy.

Oman is the country in the Middle East that has been least affected by the current Iran-US war. Initially Iran dropped two drones and some small missiles there, but later it distanced itself from Oman, because it understood that Oman was not involved in this war and was neutral. Oman has always adopted a neutral policy. It has good relations with Iran and also has balanced relations with America and western countries. The US does not have a major permanent military base in Oman, so it is not directly dragged into the conflict.

Oman has not taken part in any major war in the last several years. There was no direct attack on Oman even during the Gulf War of 1990-91, Iraq-Kuwait conflict, Yemen war and recent tensions. This is the reason why this country remained different and more secure than other Gulf countries.

Many Gulf countries suffer loss due to closure of Strait of Hormuz

The closure of the Strait of Hormuz caused huge losses to many Gulf countries like Saudi Arabia, United Arab Emirates, Kuwait, Bahrain and Qatar, because their oil and trade depend on this route, but it had less impact on Oman. This is because Oman’s main ports such as Sohar, Salah and Duqm are outside this waterway. Therefore the ships here can come and go directly from the open sea. Oman imports most of its goods such as rice, grains and meat from these ports. Now even goods from many countries first come to Oman and are sent further from there.

What is the population of Oman?

Oman’s population is about 5.5 million, of which 43 percent are foreigners. Indians are the largest among them, whose number is around 7 to 8 lakh. Indian people work here in engineering, IT, hospital, business, construction and service sectors. About 35 percent of Indians work as doctors, engineers and managers, while 25 to 30 percent do labor or technical work. Most of the area of ​​Oman is desert, so this country is dependent on other countries for food. Now its food security has reached about 65 to 66 percent, but grains, fruits and vegetables still come from outside. Food items are also sent here on a large scale from India.

On what does Oman’s economy depend?

Oman’s economy is still based on oil and gas, but it is also expanding work in other sectors under Vision 2040. Despite this, the main income still comes from oil and gas. The lifestyle here is considered comfortable and safe. Crime is low, healthcare and education are good and the environment is safe for foreigners. There is no tax on salary here and the cost of living is about 36 percent less than America.