Gulf Oil Giants Are Spending Billions to Build Ways Around Strait of Hormuz

Canada has announced new sanctions against five senior Iranian officials, accusing them of being involved in activities obstructing navigation rights in the Strait of Hormuz.

Oil held a decline as tankers laden with crude continued to exit the Persian Gulf, despite persistant threats and limited progress on a deal between Iran and Oman to reopen the Strait of Hormuz.

Abu Dhabi National Oil Company said two of its vessels were attacked while transiting the Strait of Hormuz on Thursday evening, with no injuries reported, as the United Arab Emirates accused Iran of carrying out the attack.

This representational image shows tankers sail in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance, in United Arab Emirates, March 11, 2026. — Reuters Iran warns of environmental degradation in

Iran has expressed concern over videos showing oil pollution along the shores of Qeshm Island.

Saudi Arabia has redirected oil exports away from the Strait of Hormuz, but most Gulf producers still lack a reliable backup option to the world's most important energy choke point.

Even if a cease-fire materializes, Gulf exporters recognize that relying strictly on the Strait of Hormuz is a risk they can no longer take.