Pakistan faces significant economic risks from the ongoing Gulf energy disruptions, exposed due to the structural vulnerabilities, particularly its dependence on imported energy and Gulf-linked remittances. To lessen the external vulnerability, short-term crisis management should be complemented with medium-to long-term structural change. The crisis transmits to Pakistan mainly through imported fuel prices, freight and insurance costs, pressure on the current account, inflation spillovers, and fiscal strain if the state tries to suppress pass-through.