Chevron Joins Pipeline Shift to Reduce Iran's Oil Leverage

Scott Bessent, the US Treasury Secretary, has stated that the Strait of Hormuz could become 'irrelevant' within two years as the US pushes for pipeline alternatives to reduce Iran's leverage over global oil.

The current capacity of bypass pipelines totals just 4.7 million barrels per day, compared to the 20 million barrels per day crossing through the strait daily.

Chevron is participating in studies for the Haditha-Baniyas pipeline connecting Iraq to Syria's Mediterranean coast, which could become a key part of this shift.

Building alternative energy infrastructure would allow Iran to no longer hold the global oil market hostage by threatening one narrow waterway.