Chevron Will Explore Creating Strait of Hormuz Alternative

“Chevron intends to sign preliminary deals Friday to invest in two Iraqi oil fields and will join a consortium of investors exploring the construction of a pipeline to connect Iraq’s oil patch with the Syrian coast,” the Wall Street Journal reports.

“Iraq and other Middle East oil producers are scrambling for alternatives to the Strait of Hormuz, which Tehran has sought to shut down and put it under its control, triggering a U.S. military response. About 20% of the world’s oil transited the waterway before the Iran war began.”