While the Trump administration says it is open to diplomacy, Iran so far has refused to loosen its grip over the crucial oil shipping corridor in the Persian Gulf.
As Iran's attacks keep ship traffic through the Strait of Hormuz to a trickle and oil prices surge, Gulf states are planning to invest billions in pipeline alternatives.
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 spe…
The oil-producing nations of the Persian Gulf are stepping up their efforts to divert shipping away from the Strait of Hormuz, where Iran has been launching terror strikes on civilian vessels.
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