The guns have not yet fallen silent over the Persian Gulf, but the governments of the Gulf Cooperation Council are already doing what they have always done in moments of upheaval: calculating, hedging, and preparing for a world that looks nothing like the one that existed before. The Iran war has been the most disorienting event in the region since the 1979 revolution. It will produce an equally consequential rearrangement of the region’s political geometry. The GCC states will not lurch toward any single power or alignment. They will do what small states with large sovereign wealth funds and acute…
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