UAE to complete second oil pipeline bypassing strait of Hormuz by 2027

The United Arab Emirates has announced it will complete a new oil pipeline bypassing the strait of Hormuz by next year to secure its future crude exports against the threat of disruption. The current blockade of the vital waterway, through which 20% of oil and seaborne gas flowed before the Iran war , is approaching the 11-week mark, sending energy prices soaring around the world and throttling Gulf economies. …