The Persian Gulf is a bay of sea that stretches between modern-day Iran and the Arabian Peninsula. Its name comes from the obsolete name Persia, which was used to name the adjacent landmass. Via the Strait of Hormuz there is a connection to the Gulf of Oman, which in turn belongs to the Arabian Sea and thus to the Indian Ocean. Because of its extraordinarily high oil reserves, the area around the Persian Gulf is of great economic importance. This unique natural resource is the main source of income for the neighboring countries of Saudi Arabia, Qatar and Kuwait, as well as for Iran and Iraq. However, oil is best known as an export good of the United Arab Emirates.