A Reuters analysis of March export data showed that the estimated oil export revenues of Iraq and Kuwait fell by about three-quarters compared to the same period last year, Reuters reports.

But Iran's revenues increased by 37%, and Oman's by 26%. Saudi Arabia's oil export revenues increased by 4.3%, while the UAE's revenues fell by 2.6%.

The closure of the Strait of Hormuz and the subsequent sharp increase in world oil prices have brought significant financial benefits to Iran, Oman, and Saudi Arabia. But countries that do not have alternative supply routes have lost billions of dollars.

Following US and Israeli strikes in late February, Iran effectively has closed the Strait of Hormuz. About a fifth of the world’s oil and natural gas supplies passes through the strait.

Although the Strait of Hormuz is under Iranian control, Oman, Saudi Arabia, and the UAE are able to bypass it using their pipelines and other ports.

Meanwhile, oil from Iraq, Kuwait, and Qatar has been blocked because these countries have no alternative routes to the international market.