The media reported that there is no logistical replacement for Hormuz in the coming years.

The Strait of Hormuz will remain a key route for oil and gas supplies to the world market in the coming years, and new pipelines will not be able to replace it. This was reported on May 17 by The Business Times (BT) newspaper.

"Although technically reducing dependence on the strait is possible, these efforts will be very costly and unlikely to fully compensate for the much larger volumes of oil and gas that can be transported by sea through the Strait of Hormuz. At best, new pipelines can reduce dependence on the Strait of Hormuz, rather than eliminate it," the article says.

The authors of the article emphasize that the Persian Gulf countries are actively looking for ways to avoid dependence on the Strait of Hormuz. The current crisis situation is particularly pushing them to do this, including by searching for new logistics routes and building pipelines bypassing Hormuz.

Fatal crossroads: will the global oil market die in 2026

Izvestia compiled scenarios for the development of events in a key sector of the global economy

On May 14, Reuters reported that Iraqi officials had asked the International Monetary Fund (IMF) for financial assistance in connection with the war in Iran. The authors of the article note that Iraq has suffered greatly from the war. It is specified that most of the oil exports were stopped due to the closure of the most important waterway.

On May 13, the International Energy Agency (IEA) indicated a deterioration in the forecast for global oil production in 2026. The situation, as explained, is developing due to the escalation of the conflict in the Middle East. Due to the military events in the region, the global supply of raw materials may decrease by 8 million barrels per day this month.