US oil majors chart new Iraqi export routes to bypass Hormuz

U.S. oil companies signed roughly $60 billion in deals with Iraq to develop alternative oil-export routes, including a Basra–Haditha–Ceyhan/Syria corridor and other pipeline projects, in a bid to reduce reliance on the Strait of Hormuz. Chevron led several agreements to boost production and invest in pipelines. Goldman Sachs estimates regional pipelines could eventually move up to about 14 million barrels per day by 2028, potentially serving a large share of Hormuz traffic, though timelines are measured in years; oil markets have risen on tensions with Iran, with WTI around $88 a barrel after earlier spikes.