The US and Iran reached a ceasefire in April that was extended in June, but fighting has continued to rage, keeping energy prices inflated. Iran is attempting to assert its control over the Strait of Hormuz and has attacked dozens of vessels trying to transit the strait via Oman’s territorial waters. A modelThe East-West Pipeline has become a model for other Middle Eastern states looking to bypass the Strait of Hormuz in the coming years. The UAE is building a second pipeline to the port of Fujairah to bypass the Strait of Hormuz, doubling its export capacity by 2027. US Treasury Secretary Scott Bessent said on Tuesday that the US and Iran were close to a deal to stop fighting and reopen the Strait of Hormuz.