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.