Bessent predicts Strait of Hormuz will be ‘worthless’ in 2 years
He said pipeline and port projects are advancing as tanker attacks and sanctions push Gulf exporters to secure routes outside the chokepoint.
- On Tuesday, Treasury Secretary Scott Bessent told a G20 gathering in Asheville, North Carolina, that oil pipelines will allow energy shipments to bypass the Strait of Hormuz within two years, calling it "a worthless piece of water."
- The Treasury Department has assumed a central role in the conflict recently, with Bessent announcing plans last week to expand sanctions on financial institutions and other entities that continue doing business with the Islamic Republic of Iran.
- Targeting the United Arab Emirates branches of Egypt's Banque Misr last week, the U.S. cited US$1.8 billion in business with Iran; Bessent noted the administration avoided sanctioning the main Egyptian bank to maintain diplomatic distinctions.
- Bessent indicated the U.S. will "probably" announce sanctions on another bank this week and a further one next week, asserting that "sanctions plus a blockade work" to isolate the Iranian economy.
- While the U.S. investigates targeting aircraft leasing companies, China continues to import more than 90 per cent of Iranian oil; Bessent confirmed he held private discussions with Chinese officials regarding Iran during the G20 meeting.
22 Articles
22 Articles
According to the US government, the importance of the strategically important Hormus road for world trade will decline massively. New routes and land pipelines are intended to secure oil transport.
Scott Bessent, Secretary of the Treasury, projects that, in a couple of years, the Strait of Ormuz will cease to be a route linked to trade and will end in oblivion
Bessent Predicts Strait of Hormuz Will Be ‘Worthless’ in Two Years
The Hill 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 2024, the country imported roughly half a million barrels of crude oil per day from Persian Gulf countries through the s…
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