The Globe and Mail reports in its Thursday edition that whatever the outcome of the Iran war, one question is already unavoidable for the Gulf's energy-rich economies: Is the U.S. security umbrella still worth the cost? A Reuters dispatch to The Globe says that since the United States and Israel began strikes on Iran on Feb. 28, Gulf neighbours have suffered the most from missiles and drones that have damaged energy infrastructure and exposed the limits of the U.S. security umbrella. At stake is a possible re-evaluation of the financial, trade and military relationships at the core of their dollar-based economies -- and of the hundreds of billions in dollar reserves supporting them. For decades, Washington and the Gulf states had an implicit agreement: U.S. protection in exchange for access to Gulf energy, oil priced in dollars, and the investment of petrodollars in U.S. arms and assets. The arrangement underpins the dollar's status as the world's reserve currency and has been central to U.S.-Saudi relations ever since. U.K. Commercial Secretary to the Treasury, Jim O'Neill, says, "If this war has shown anything so far, it is that allying yourself with the U.S. no longer guarantees security."