Conflict in the Strait of Hormuz has oil producers looking to spend billions to bypass it

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 of dollars to build pipelines enabling them to redirect more supplies to ports along the Red Sea and the Gulf of Oman. At least seven major pipeline projects are under construction, in the…