Iran Threatens Bahrain and Kuwait After US Strikes

This escalation shifts the risk landscape for the Gulf, where Bahrain and Kuwait host US military assets and are key transit points for regional energy flows. The direct threat to these states, rather than just to US forces, raises the stakes for shipping and insurance in the Gulf, a critical chokepoint. The open question is whether Iran's rhetoric translates into asymmetric actions against these countries' infrastructure or shipping, which would test the credibility of the US deterrent. Market watchers will be alert to any signs of disruption to energy exports or increased military posturing in the strait.