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The blockade of the Strait of Hormuz is creating an economic split among oil exporters in the Persian Gulf.
Saudi Arabia is diverting most crude exports to the Red Sea, avoiding the Hormuz blockade.
KEY POINTS
- Saudi Arabia's oil revenues have increased, offsetting shipment losses due to higher global prices.
- The United Arab Emirates is facing a significant drop in oil income from the Strait of Hormuz closure.
- Oman is benefiting financially from the disruption as oil prices surge.
COMPANIES
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