UAE accelerating construction of pipeline that will expand its ability to bypass Strait of Hormuz

The United Arab Emirates plans to accelerate the construction of a new oil pipeline, which will double the Middle Eastern country's export capacity by 2027. 

The state-run Abu Dhabi Media Office said on Friday the pipeline will greatly increase UAE's ability to bypass the Strait of Hormuz, NBC News reported. 

Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed directed the Abu Dhabi National Oil Company to fast-track the project, which is already under construction and now expected to be operating by 2027. 

The Strait of Hormuz is a vital waterway through which 20% of the globe's crude oil flows, along with a sizable portion of its petrochemicals and natural gas. It's been severely restricted since the U.S.-Israeli war in Iran began on Feb. 28, which has sent prices for oil and petrochemical products soaring.