Gulf sovereign wealth funds are undertaking a sweeping review of American investments, driven by a combination of commercial necessity and political recalibration driven by the Iran war, according to sources familiar with deliberations around the high-level financing deals.

In particular, the planned merger between Paramount Skydance and Warner Brothers Discovery, made possible as a result of Gulf financing, is getting a new look. A postponed meeting of the board of the Qatar Investment Authority will reconvene within the next week as the fund recalibrates its investment approach, a source with knowledge of the deliberations said. “Even from a purely, purely numbers perspective, you have to look at this again,” said the industry source, asking for anonymity to speak freely about investment matters rarely discussed publicly.