U.S. Treasury Secretary Scott Bessent has predicted that the Strait of Hormuz will become “irrelevant” within two years, and with Gulf oil producers already building their way around it, millions of barrels may prove him right for a short time. Months into the Iran war, the UAE, Iraq, Kuwait and Qatar are moving more than 4 million barrels per day through a shadow export network of AIS-dark shuttle tankers and ship-to-ship transfers outside the Persian Gulf, keeping millions of barrels flowing through a waterway that has largely…
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