Gulf countries consider new pipelines to avoid Strait of Hormuz — FT
Gulf nations are considering pipeline projects to bypass the Strait of Hormuz amid concerns over Iran's potential control of the strategic waterway, the Financial Times reported on Thursday.
Officials and industry executives said new pipelines may be the only option to reduce Gulf countries’ enduring vulnerability to disruption in the strait, even though such projects would be costly, politically complex and take years to finish.
Market reaction
At the time of writing, the West Texas Intermediate (WTI) is up 6.10% on the day at $99.96.
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