There is nowhere else on the planet with quite as concentrated a supply of quite so much energy as the Arabian Gulf. This is the great paradox that has both haunted and supported this region for decades; it is part of the reason why so many nations around the world remain so interested in what's happening there - and it is the main reason why war in the Gulf is so threatening for global growth. It is tempting, given this is 2026 and not 1976, to assume oil prices simply don't matter anymore.