The U.S. has military bases in all Persian Gulf countries except Iran, from which Trump has launched attacks on Iran which will have the effect of bankrupting those countries

 There is something deeply insane about all this.

Only Saudi Arabia and the UAE have pipelines which can by-pass the Strait of Hormuz and replace a part of the lost export capacity. Production will have to be curtailed because there's nowhere to go with it. And everyone in the world will be poorer for it.