Energy companies and governments are racing to find new oil supply routes. Others argue the real solution is to reduce the need for oil in the first place.

Oil producers are building or contemplating new pipeline projects to bypass the Strait of Hormuz, but this infrastructure is still vulnerable, analysts said.

The Iran-Israel conflict briefly raised fears that disruption of the Strait of Hormuz, through which about 20% of global oil and gas passes, would trigger a sharp energy crisis.…