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Fortune
Fortune
World
Jason Ma

Saudi Arabia is reaping a massive oil windfall, making it perhaps the Iran war’s only winner. Tehran’s proxies actually ‘did Saudi a favor’

(Credit: Henrique Campos/Hans Lucas/AFP/Getty Images)

The headlines have not been good for Saudi Arabia since the Iran war started: GDP has contracted, Iran-backed forces have attacked its oil infrastructure, and the kingdom saw its top rival close the Strait of Hormuz.

On top of that, President Donald Trump reportedly turned down Saudi requests to help fight Houthis threatening Red Sea oil exports, despite the defense pact between the two allies, forcing Riyadh to contemplate a future with less U.S. intervention in a more dangerous environment.

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