Hormuz Strait Faces Irrelevance Within Two Years
US Treasury Secretary Scott Bessent believes that within two years, the Strait of Hormuz will become 'a worthless piece of water' due to alternative pipeline routes bypassing the waterway.
Bessent made these remarks on Tuesday at a gathering of global finance chiefs in Asheville, North Carolina. He framed the decline of Hormuz as an inevitable consequence of Washington's escalating campaign to isolate Iran economically.
The US naval blockade of Iranian oil shipments has entered its seventh week, with no Iranian crude cargoes successfully transiting the strait to China since July 14, when the blockade was reinstated.
Kpler data estimates that Iran loaded approximately 220,000 to 255,000 barrels per day of crude oil and condensate in August, down from roughly 740,000 bpd in July and about 2 million bpd in March.