Fitch Ratings shared in its latest release posted on Monday that it expects the Strait of Hormuz to be closed for the duration of the Middle East conflict, due to “direct physical blockage, [and] vessels being unable to secure insurance or other threat-related factors.” “Saudi Arabia and the UAE have pipelines that can allow much of their production to bypass the Strait and all key oil exporters have oil in storage away from the region. There is still likely to be some near-term hit to oil and gas activity, particularly for Bahrain, Kuwait and Qatar, which lack supply routes that can bypass Hormuz, and Iraq, whose exports are heavily reliant on the route,” Fitch detailed. The conflict is also expected to have near-term effect on non-oil economic activity, including air travel, consumer activity, tourism etc. Fitch noted, however, that the effect on economic growth should be “temporary.”