US treasury secretary: Strait of Hormuz to lose significance within two years
US Treasury Secretary Scott Besant says the Strait of Hormuz will lose much of its importance within two years as most energy flows shift to pipelines.
US Treasury Secretary Scott Besant predicts the Strait of Hormuz will become less significant within two years as most energy transportation shifts from maritime to underground pipeline routes. According to Besant, over 50 to 70 percent of the energy currently passing through the strait will be moved via pipelines instead. Meanwhile, Iran and Oman are reportedly nearing a deal on new shipping routes through the Strait of Hormuz, though Tehran has not yet indicated conditions for reopening the waterway.
Iran's reopening hinges on unspecified conditions that the US must meet, according to the US. A US official reported to Reuters that an Iran-Oman agreement is imminent, which could lead to the Strait's reopening, previously handling 20 percent of global oil and liquefied natural gas shipments before Iran's closure in response to US and Israeli attacks.
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- Iran says deal on Strait of Hormuz is close but is not enough to open the waterway al-monitor.com
- Iran sets tough terms for U.S. to reopen Strait of Hormuz despite progress in Oman hellenicshippingnews.com
- Iran says deal on Strait of Hormuz is close but is not enough to open the waterway investing.com
