Bessent predicts Strait of Hormuz will be ‘worthless’ in 2 years
Bessent said pipelines and port expansions could move 7 million barrels a day around the chokepoint as Gulf producers invest in new export routes.
- On Tuesday, Treasury Secretary Scott Bessent told a G20 gathering in Asheville, North Carolina, that oil pipelines will allow energy shipments to bypass the Strait of Hormuz within two years, calling it "a worthless piece of water."
- The Treasury Department has assumed a central role in the conflict recently, with Bessent announcing plans last week to expand sanctions on financial institutions and other entities that continue doing business with the Islamic Republic of Iran.
- Targeting the United Arab Emirates branches of Egypt's Banque Misr last week, the U.S. cited US$1.8 billion in business with Iran; Bessent noted the administration avoided sanctioning the main Egyptian bank to maintain diplomatic distinctions.
- Bessent indicated the U.S. will "probably" announce sanctions on another bank this week and a further one next week, asserting that "sanctions plus a blockade work" to isolate the Iranian economy.
- While the U.S. investigates targeting aircraft leasing companies, China continues to import more than 90 per cent of Iranian oil; Bessent confirmed he held private discussions with Chinese officials regarding Iran during the G20 meeting.
12 Articles
12 Articles
Bessent Predicts Strait of Hormuz Will Be ‘Worthless’ in Two Years
The Hill Treasury Secretary Scott Bessent said Tuesday that the Strait of Hormuz will be “worthless” to the oil industry in two years. Speaking to Fox Business’s Larry Kudlow on the sidelines of the Group of 20 finance ministers’ summit in North Carolina, Bessent argued the key waterway is “not a choke point” for the U.S. In 2024, the country imported roughly half a million barrels of crude oil per day from Persian Gulf countries through the s…
Hormuz will be bypassed in two years: Scott Bessent
The Treasury department has taken a more central role in recent weeks in the conflict, with Bessent announcing plans last week to expand sanctions on financial institutions and other entities that still do business with Iran. The US moved against United Arab Emirates branches of Egypt's second largest bank, Banque Misr, last week, but Bessent said Tuesday the US didn't want to sanction the main bank itself.
Secretary Bessent - Strait of Hormuz will become 'worthless' waterway
US Treasury Secretary Scott Bessent said that while fears regarding the Strait of Hormuz are understandable in the current situation, it will be considered a worthless waterway in the years ahead as oil moves overland instead. The post WATCH: Secretary Bessent – Strait of Hormuz will become ‘worthless’ waterway appeared first on World Israel News.
Coverage Details
Bias Distribution
- 50% of the sources are Center, 50% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
