Oil producers in the Persian Gulf are making plans to bypass the Strait of Hormuz with new pipelines and a new port after Iran has repeatedly attacked ships and blocked traffic. The idea is to minimize Tehran’s leverage on the waterway that once saw 20% of the world’s oil pass through it as the war stretches into its fifth month. Iran has already insisted that it will impose tolls on the strait, which could cost tens of billions of dollars. And in some cases, it is extracting millions of dollars of protection money per oil tanker. Two such projects are...