I'm running a new circuit horizontally through a pair of studs that
have the heating pipes running vertically from the ceiling down to the
floor (baseboard heat) centered between the two studs. The pipes are
set directly in the middle of the studs. What is the best way to wire
around them?

They are insulated with pipe insulators, so I could just run the wire
loosely around them, but that would probably result in the wiring
drooping and touching the pipe insulation. By code I can't drill the
holes too close to the wall, which would allow me to space the wire so
it doesn't touch the piping.

What's the right approach here?