The global economy and international trade have become less dependent on oil as a catalyst for economic growth and exports from the Middle East since the 1970s.

The proportion of oil in the overall energy supply has decreased from 44% to 30%, while renewable energy sources have experienced an increase.

However, oil producers in the region’s contribution to global supply is at 29.5%, a decline from its peak of 37.4% in 1974.

According to the World Bank, if the war escalates into a regional conflict and causes a disruption in oil production, the price of oil may experience a significant increase of up to 75% from its present level