World & BusinessGulf oil producers reportedly find new routes after Strait of Hormuz closure
ABC News reports that producers tapped unused pipeline capacity and changed routes again when Iran and its militant allies targeted the alternatives.
TLDR
Iran’s closure of the Strait of Hormuz at the start of the war raised fears of soaring oil prices and damage to the global economy, ABC News reports. The outlet says Gulf oil producers quickly found alternative routes and tapped unused pipeline capacity. When Iran and its militant allies targeted those options, the exporters found others.
Gulf oil producers reportedly find new routes after Strait of Hormuz closure
ABC News reports that producers tapped unused pipeline capacity and changed routes again when Iran and its militant allies targeted the alternatives.
TLDR
Iran’s closure of the Strait of Hormuz at the start of the war raised fears of soaring oil prices and damage to the global economy, ABC News reports. The outlet says Gulf oil producers quickly found alternative routes and tapped unused pipeline capacity. When Iran and its militant allies targeted those options, the exporters found others.