HSBC Sees Hormuz Becoming Redundant in Five Years

The acceleration of plans for alternative routes to ship oil out of the Middle East could make the Strait of Hormuz “redundant” in five years, Georges Elhedery, chief executive of banking giant HSBC Group, said at the HSBC Future Forum 2026 in Dubai on Tuesday. “Of course, we do wish and hope to see a resolution to the conflict,” the executive said, as carried by Reuters. “But Hormuz, probably in five years’ time, may become redundant,” Elhedery added. The bank’s view stems from the rush among Middle…