US Treasury chief claims Strait of Hormuz will be ‘worthless piece of water’ in 2 years

US Treasury Secretary Scott Bessent on Tuesday said that the Strait of Hormuz would become obsolete within two years as alternative oil routes would bypass the strategic waterway. “We have to de-risk everywhere in the world. We can see the Iranians are trying to use the Strait of Hormuz as a choke point,” Bessent said during an interview in Asheville, North Carolina. “It’s not a choke point for the US, but it is a choke point for many, many other countries,” he said on the sidelines of meetings with G20 countries’ ministers. Bessent claimed the strategic waterway “will be bypassed in two years.” “In two years, the Strait of Hormuz will be like a worthless piece of water,” he said. “The oil will be going on pipelines across land,” he added. Tensions between Tehran and Washington have remained high since the war began with strikes on Iran in late February. A framework deal was signed in June through Pakistani and Qatari mediation. The US began a two-week bombing campaign in July and reimposed a naval blockade after differences over navigation in the strait.