Iran's blockade of the Strait of Hormuz has sent shockwaves through the global energy market, with Gulf exporters scrambling to find alternative routes for their exports. The blockade has diverted attention to the Arctic region, which is expected to see an increase in energy production due to the reduced traffic in the strait.

Gulf exporters are scrambling to bypass the Strait of Hormuz after Iran choked off most of the maritime traffic in one of the world’s most critical energy corridors. Saudi Arabia and the United Arab Emirates rushed to divert exports through overland pipelines; officials warned that even naval escorts could not guarantee safe passage. About a fifth of the world’s oil and liquefied natural gas (LNG) trade passed through this narrow waterway. The immediate shock was felt in the Gulf. The strategic....