This week’s attacks on vessels at the UAE’s Fujairah port and on a critical Saudi crude oil pipeline bring questions about the key Hormuz-bypass options of two of the world’s largest oil producers.

With tensions simmering in the Gulf amid increasingly heated rhetoric from officials in the US and Iran, risks that a miscalculation could spark an escalation are heightening (see box). Attacks this week on Saudi crude export infrastructure and tankers moored off the...