Gulf states with strong ties to President Donald Trump are emerging from the war between Israel and Iran with greater regional influence and with some of their longstanding security concerns over Iranian power assuaged.

The US has a number of military bases in Iraq, including two air fields - the Al-Harir and Al Asad air bases - and dozens of camps and outposts. These bases were repeatedly targeted by pro-Iran militant groups after Israel’s invasion of Gaza in October 2023.

Israeli stocks dropped on their first day of trading after Prime Minister Benjamin Netanyahu’s government began airstrikes against Iran. Saudi Arabia’s equity benchmark slid as concerns of a wider conflict gripped the region.