Bessent predicts Strait of Hormuz will be 'worthless' in 2 years
Treasury Secretary Scott Bessent said Tuesday that the Strait of Hormuz will be “worthless” to the oil industry in two years. Speaking to Fox Business’s Larry Kudlow on the sidelines of the Group of 20 finance ministers' summit in North Carolina, Bessent argued the key waterway is “not a choke point” for the U.S. In...
The United States conducted further airstrikes on Iranian targets in the region on Tuesday, raising concerns that the escalating conflict might not remain limited. Oil prices surged following the initial direct attacks since July, and reports of two oil tankers being hit in the Strait of Hormuz, which Iran has effectively closed to shipping.
The strikes came after a weekend of attempted attacks by Iran's Islamic Revolutionary Guard Corps (IRGC) against commercial shipping and American service members. Iran's state-run media reported explosions in various locations, including Qeshm Island, Bandar Abbas, and Chabahar. US President Donald Trump warned that Iran would face "much harder and higher level" retaliation if they retaliated.
Both sides expressed readiness to respond to further attacks, highlighting the potential for a renewed military confrontation. US Secretary of Treasury Scott Bessent announced upcoming economic sanctions against Iran, signaling a shift towards a more comprehensive approach to pressure the regime. The conflict has already resulted in thousands of casualties and has threatened oil supply disruptions, with the Strait of Hormuz serving as a critical global oil transportation route.
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- US launches new barrage of strikes on Iran around Strait of Hormuz brecorder.com
- Bessent says Strait of Hormuz would be 'worthless piece of water' as oil pipelines bypass it en.yna.co.kr
- U.S. military conducting fresh strikes in the Strait of Hormuz axios.com
- Oil surges over 5% as US-Iran tensions raise Hormuz Strait risks english.ajel.sa
- US military says it struck IRGC targets in Iran after attacks on shipping in Strait of Hormuz euronews.com
- US launches new barrage of strikes on Iran around Strait of Hormuz business-standard.com
- Qatar says efforts under way to end Iran-US war and reopen Strait of Hormuz aljazeera.com
