The economic damage the U.S.-Israeli-led war against Iran has inflicted on the Gulf states is extraordinary, almost entirely unscrutinized, and points to a structural flaw at the heart of American security arrangements in the region. The world has fixated on the price of oil, the posture of navies in the Strait of Hormuz, and the diplomatic choreography between Washington and Tehran . What it has not examined is the aggregate cost borne by the countries that did not start this war, did not