Nations seek alternative oil transport routes

Nations scrambled to cut their dependence on oil ferried through the Strait of Hormuz, which looked unlikely to reopen soon.

Kyiv agreed, under EU pressure, to allow repairs to a pipeline carrying Russian oil to Europe, despite Ukrainian President Volodymyr Zelenskyy decrying “blackmail”; the move could unlock a $100 billion loan blocked by Hungary and Slovakia’s Russia-friendly governments.

Iraqi authorities agreed with the country’s autonomous Kurdistan region to reopen a pipeline, potentially freeing 400,000 barrels a day, while Asian countries are boosting coal generation, Reuters reported.

The crisis could reshape energy markets long-term, OilPrice.com argued, pushing customers towards renewables; in the shorter term, soaring oil prices could slow growth everywhere, including the US, economists told the Financial Times.