Bessent Says Strait of Hormuz Will Be Bypassed in Two Years

U.S. Treasury Secretary Scott Bessent declared on Tuesday that the strategic Strait of Hormuz will become a "worthless piece of water" within two years as alternative oil pipelines bypass the critical shipping lane. His comments, made at the G20 finance ministers summit in Asheville, North Carolina, come amid renewed military strikes between the United States and Iran and fresh attacks on commercial tankers in the waterway. Bessent argued that Iran is attempting to use the strait as a chokepoint to exert leverage, but said its importance will diminish as land-based pipelines provide new routes for Persian Gulf energy shipments. "We can see the Iranians are trying to use the Strait of Hormuz as a choke point. It's not a choke point for the U.S., but it is a choke point for many, many other countries," Bessent said. "That will be bypassed in two years. In two years, the Strait of Hormuz will be like a worthless piece of water." The Treasury Secretary's remarks were part of a broader discussion on the administration's campaign of economic pressure against Tehran.