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Gulf Alternatives to Hormuz Get a Serious Look While the Pegs Sit Where They Always Sit
The riyal closed at 3.7500, the dirham at 3.6725, and the interesting move today was in pipelines and politics, not in prices.
Vitesse:
Karim Al-Rashidi
· 3 min read
The two numbers that matter most for anyone reading this closed unchanged. USD/SAR held at 3.7500. USD/AED held at 3.6725. That is the third consecutive session in which the region's headline prices have refused to acknowledge a headline environment that would, in almost any other currency regime, have moved them by something.
The headline environment: Gulf states are now openly working on Hormuz alternatives — pipeline routing, port capacity outside the strait, storage repositioning. Reporting…