Gulf states race to pipeline oil around Hormuz, Goldman Sachs finds. Could insulate most Gulf oil exports.

The Goldman analysis reframes Hormuz risk as a multi-year fade rather than a near-term relief valve, meaning the current geopolitical premium in Brent and WTI is unlikely to unwind quickly even as bypass capacity expands. With roughly 23 million barrels a day of pre-war Gulf exports still tied to the Strait today, the near-term price impact of any disruptio…

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