Qatar Warns: The Whole World Is Paying for the Iran War, Nobody Asked It

This week Qatar again warned about the global economic fallout of the Iran war, while stressing that talks on ending it are still going. The emirate backs the defence alliance agreed in August by Saudi Arabia, Turkey and Pakistan, but says it is too early to discuss joining. At the end of September foreign ministry spokesman Majed Al Ansari had already called the strain on the world economy "unbearable" and asked how long it could hold out.

Qatar knows what it is talking about. Iranian missiles hit its giant Ras Laffan LNG complex during the war, knocking out around 17 per cent of production capacity according to JPMorgan estimates. The Gulf exports not just oil and gas but urea and ammonia for fertiliser, helium, aluminium and petrochemicals. When Hormuz closes, you notice it at the petrol pump and in the price of bread.

Wars are decided nationally. The invoice arrives with an international mailing list.

The emirate is trying to be mediator, victim and prospective ally all at once. That is roughly as relaxing as couples therapy where the therapist's own flat has just flooded. Everyone involved demands stability. Each of them just means something different by it.