WSJ: Saudi Arabia’s Damage from US War Against Iran Exceeds $10bln

The loss is due to restrictions on shipping in the Strait of Hormuz that negatively affect the kingdom’s oil export volumes, partial military damage from Iran’s retaliatory strikes, and the cancellation of major international events such as the Formula 1 race, the newspaper wrote.

Against this background, the country’s authorities and major state-owned companies are revising the schedule for major infrastructure projects, including the construction of new skyscrapers, in an effort to reduce their current spending. Moreover, Saudi Arabia is considering an accelerated increase in its defense budget, which would also require a reallocation of funds, the paper added.

The US and Israel launched a war against Iran on February 28. Iran launched retaliatory operations against Israel and US targets in the region.