The UAE stock market plunged, and Gulf countries have been avoiding the Strait of Hormuz to transport oil.

In the past month, the Dubai Financial Market's comprehensive index has fallen by nearly 20%. Currently, the navigational crisis in the Strait of Hormuz has directly hit the heart of the UAE economy. The closure of the strait has led to an increase in supply chain costs, prompting the UAE government to urgently tap into the national strategic reserves. Local retail and supermarket giant Lulu have already started using air freight reserves, bringing in 110 cargo flights from around the world to ensure transportation. Currently, the Strait of Hormuz is in a de facto closed state, with 14-15 million barrels of crude oil exports from the Gulf region being stranded every day. Among them, Qatar and Kuwait depend almost entirely on the strait for energy exports. Qatar's liquefied natural gas cutoff not only costs it hundreds of millions of dollars every day, but also triggers energy panic in Asian countries. The UAE is now heavily relying on the Fujairah port, which can bypass the strait, to export oil. Although the UAE's crude oil pipelines are operating at full capacity of 1.5 million barrels per day, this can only cover about half of the UAE's normal export volume. In the past week, the UAE has significantly increased the amount of truck transportation on land, with the volume of land freight to Oman doubling. It is now estimated that about 150,000 barrels of refined oil products are being "diverted" into the sea through this method every day. It is clear that the Strait of Hormuz was once the golden waterway of the Gulf countries, but its vulnerability is now being highlighted under the influence of geopolitics.