
Iran's blockade of the Strait of Hormuz has sent shockwaves through global energy markets, as about 20 percent of the world's oil passes through the waterway. The latest developments have sent oil prices soaring to $126 a barrel, as many countries seek solutions to avert a disruption to global supply.
However, Saudi Arabia seems to have foreseen such a scenario decades ago. 45 years ago to be exact. As early as 1981, it built a pipeline some 1,200 kilometers long connecting Jubail in the Persian Gulf to the port of Yanbu on the Red Sea, bypassing the Strait of Hormuz entirely.
This pipeline has a capacity of up to 7 million barrels of oil per day and was built precisely to guarantee Saudi exports even in the event of crises in Hormuz. The infrastructure has stood for decades as a strategic alternative and can now be used to divert exports to the Red Sea.
Meanwhile, measures for maritime transport security in the region are being discussed at the international level, while the United States has proposed the creation of a coalition to escort ships in this important energy corridor. However, in the current situation, it seems that only Saudi Arabia had foreseen the escalation of the situation and had prepared a backup plan.