Risk advisory groups have seen a “sharp increase” in inquiries as companies in the Gulf region ready contingency plans and activate crisis teams in preparation for any potential spillover of the Israel-Iran war.

Gulf monarchies, home to the region’s foremost financial centres such as Dubai and Abu Dhabi, have been at pains to keep their countries out of the fray after working to improve relations with Tehran in recent years. There is no immediate change to the security situation in the wider region, which includes Saudi Arabia and the United Arab Emirates. 

But Gulf states host US military bases, which could become targets, and there are concerns that Iran could lash out by attacking their energy infrastructure if the situation escalates. President Donald Trump has said that the US could join Israel’s offensive by striking Iran.