CNBC - Saudi Arabia and the United Arab Emirates have opened new pipelines bypassing the Strait of Hormuz, the shipping lane that Iran has repeatedly threatened to close, in a move that will reduce Tehran’s power over oil markets.

The quiet opening of the pipelines comes amid heightened diplomatic tensions over Tehran’s nuclear program. Iran’s oil production has fallen to its lowest in more than 20 years due to the impact of US and European sanctions, prompting Tehran to repeat its threats to shut down the strait, the conduit for a third of th...


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