US Treasury Secretary Bessent says Strait of Hormuz could become ‘worthless’ in two years

US Treasury Secretary Scott Bessent on Tuesday (September 1) said the strategic Strait of Hormuz could lose much of its importance within two years as oil pipelines provide alternative routes for Persian Gulf energy shipments. “That will be bypassed in two years,” Bessent said on the sidelines of a gathering of global finance chiefs in Asheville, North Carolina. “In two years, the Strait of Hormuz will be like a worthless piece of water.” Bessent’s comments came amid renewed tensions between the United States and Iran, with the two sides exchanging strikes on Monday. Two oil tankers attempting to leave the…