>The have so much less that they are forced to openly use their last and most powerful card for their survival

That is not their most powerful card. Their most powerful card is mining the Strait of Hormuz and taking out all GCC desalination and oil infrastructure. That would result in a global depression, and probably end the Gulf countries as we know them.

Destroying the gulf states would dramatically reduce the importance of the Strait, which would make mining it or otherwise shutting it down somewhat pointless anyway. It is a bit of mutually assured destruction, but the USA is probably in the best position of anyone to weather that storm.

I suppose it is more powerful in an absolute sense than just temporarily shutting down the Strait, but like Russia's nukes, I think the threat is more useful than the play itself. Unless they are just looking to take others down with them.

Maybe recession but not depression. Oil prices have been this high before.