NEW ROUTE: The United Arab Emirates is nearing completion of a pipeline that will allow it to reroute the bulk of its oil exports around the Strait of Hormuz at the mouth of the Gulf, the path for a fifth of the world’s oil supply.

IRANIAN TENSIONS: Iran has repeatedly threatened to close the strategically sensitive waterway, which is patrolled by Iranian and U.S. warships, in retaliation for ramped-up Western sanctions over Tehran’s nuclear ambitions.

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