As the current US-Israeli war against Iran enters its sixth week, much commentary has focused on the potential impact of the conflict on the global oil price and the flow of hydrocarbon exports through the Strait of Hormuz. This lecture provides a deeper analysis of the Gulf states and their place in the global economy, exploring how the Gulf's economies have diversified over the last decade to become centrally involved in a range of other critical commodities, including fertilizers and chemicals. From this perspective, the lecture will explore the very serious consequences that a continuation of the war might have on other countries in the Global South.