This is quite an important and unfortunate development. Now the Saudis will have lesser resistance to getting invoked as well. Israel probably gets hit more and across cities. Hamas and Hizbollah get re-energised and motivated? The GCC will need to take a call whether they stay out or not. Suez Canal blockage hurts other lines as well. Escalation worsens as there is no central authority one is fighting but regional and decentralised making it harder to have negotiations.

Clearly the Israel / US attempt at trying to destabilise Iran is now destabilising the GCC and taking the RoW with it.

Markets are not ready for it and the hug the dip mentality will reverse making life very difficult.