Bessent says Strait of Hormuz would be 'worthless piece of water' as oil pipelines bypass it
WASHINGTON, Sept. 1 (Yonhap) -- U.S. Treasury Secretary Scott Bessent said Tuesd...
U.S. Treasury Secretary Scott Bessent warned on Tuesday that the Strait of Hormuz will become an "unworthwhile piece of water" within two years as oil transportation shifts to land-based pipelines. Speaking at a fireside chat with FOX Business Network host Larry Kudlow during the Group of 20 finance ministers meetings in Asheville, North Carolina, Bessent noted that Iran, in its efforts to control the strait, is making it an obstacle for many countries.
He emphasized that for the U.S., the Strait of Hormuz is not a choke point, but it poses significant challenges for other nations. Bessent added that land-based pipelines will bypass the Strait of Hormuz in two years, rendering it virtually useless for oil trade. The Middle East war has seen Iran effectively block the strait, a vital shipping route for oil, natural gas, fertilizer, and other commodities, contributing to high energy prices and tensions in the region.
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- U.S. military conducting fresh strikes in the Strait of Hormuz axios.com
- Bessent predicts Strait of Hormuz will be 'worthless' in 2 years thehill.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
