UAE set to accelerate new oil pipeline project to help bypass Strait of Hormuz

The UAE has decided to accelerate the oil pipeline project to bypass the Strait of Hormuz as a response to the potential long-term US-Iran situation. The project aims to double the existing pipeline's capacity to nearly 4 million bpd, addressing current export limitations. This move is seen as a strategic effort to secure energy security and mitigate oil price volatility.