[Regnum] In the next five years, the Strait of Hormuz will cease to be critical to the global economy.
| That is President Trump’s objective, yes. |
According to the expert, the blockade of the strait is forcing Gulf countries to invest in developing alternative energy export routes.
"Yes, we see that the Middle East region is capable of recovering and continuing to grow. Yes, this will require significant investment. Of course, we hope for a resolution to the conflict. But the Strait of Hormuz may likely become obsolete in five years," Elkhederi noted.
The head of HSBC Group also clarified that countries in the Middle East, North Africa, and Turkey are currently proposing similar projects totaling over $872 billion. The total cost of all planned infrastructure projects in the region could reach $1.4 trillion.
The Strait of Hormuz is a vital corridor for oil exports from the Persian Gulf countries (Iraq, Saudi Arabia, Qatar, the UAE, etc.) to Asian markets. It used to handle approximately 15–20% of the world's oil, but following the US and Israeli strikes on Iran on February 28, the strait was blocked to hostile states.
On September 25, Iranian Foreign Minister Abbas Araghchi announced that Tehran had submitted a plan to Washington via Doha to reopen the Strait of Hormuz. He noted that if the necessary conditions were met, the strait could be reopened and normal shipping could be restored within seven days. However, US President Donald Trump rejected Iran's proposal. He also informed his aides that he expected to resume strikes against the Islamic Republic after the US midterm elections in November.
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