Two major tanker operators, including Saudi Arabia’s state-controlled Bahri, suspended crossings in the Strait of Hormuz, as the economic fallout from rising U.S.-Iranian tensions, including an Iranian military strike on a U.S.

DUBAI—Two major tanker operators, including Saudi Arabia’s state-controlled Bahri, suspended crossings in the Strait of Hormuz Wednesday, as the economic fallout from rising U.S.-Iranian tensions, including an Iranian military strike on U.S. bases in Iraq, rippled throughout the region.

Hours after Iran’s attacks, the economic reverberations jolted the Persian Gulf region. Strikes between the U.S. and Iran now threaten to disrupt vital travel and trade routes in what would be a devastating blow for Gulf countries seeking...