Mideast oil producers step up plans to bypass the Strait of Hormuz

AI Summary

Middle Eastern oil producers are accelerating plans to bypass the Strait of Hormuz due to Iran's continued control and associated geopolitical risks. These projects aim to circumvent the chokepoint amid rising oil prices and regional tensions.

Before the war in Iran, roughly 15 million barrels of Persian Gulf oil were shipped each day through the Strait of Hormuz. Within a few years, much of that oil could bypass the strait. As Iran’s chokehold over the strait drags on and oil prices surge, countries across the Gulf are planning to spend billions ...