U.S. Treasury Secretary Scott Bessent stated on September 1, 2026, that the Strait of Hormuz will become 'worthless' within two years as oil pipelines bypass it, diminishing Iran's historical control of the waterway.
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Treasury Secretary Scott Bessent dismissed the importance of the Strait of Hormuz on Tuesday, saying the crucial waterway for Persian Gulf energy that’s been controlled by Iran during the recent conflict will soon be bypassed with oil pipelines.
WASHINGTON, Sept. 1 (Yonhap) -- U.S. Treasury Secretary Scott Bessent said Tuesd...
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...