Bessent says Hormuz could lose strategic importance in two years

Treasury Secretary Scott Bessent said the Strait of Hormuz could lose its strategic importance within two years as new land-based pipelines reduce reliance on the crucial oil shipping route.

Bessent Warns Iran Will Lose Hormuz Leverage On Tuesday, speaking with Fox Business’ Larry Kudlow at the Group of 20 finance ministers’ meetings in Asheville, North Carolina, Bessent said Iran was attempting to use the strait as an energy choke point. "It’s not a choke point for the U.S., but it is a choke point for many, many other countries," the Treasury Secretary said.

He added, "In two years, the Strait of Hormuz will be like a worthless piece of water.

The oil will be going on pipelines across land." Bessent also pointed to growing international backing for Washington’s economic pressure campaign against Tehran. "We have zero tolerance," he told Kudlow. "We are going to economically asphyxiate this regime." Read Also: Iran Links Hormuz Reopening to US Meeting Its Demands: Dow Futures Fall 127 Points, Brent Above $84 US Targeted Iranian Tankers President Donald Trump reportedly approved a "tanker for tanker" policy against Iran, with U.S. forces striking two Iranian government tankers amid escalating tensions.

U.S. officials said about 100 targets were hit Tuesday, while roughly 40 ships transited the Strait of Hormuz under U.S. military guidance.

Iranian Foreign Ministry spokesperson Esmaeil Baqaei condemned the attacks, claiming a U.S. strike on a wedding gathering in Kuhestak killed four people, including a child, and injured 53 others.

He accused Washington and countries that remained silent of normalizing alleged unlawful attacks and warned that Iran would respond firmly.

Iran Warned Over Hormuz Last week, Iran urged countries to resist U.S. sanctions, while Foreign Minister Abbas Araghchi said diplomacy remained possible if Washington eased pressure.

Tehran also linked wider access through the Strait of Hormuz to progress on regional conflicts.

Trump had rejected immediate talks, saying, "We don’t want to speak to them." Iranian security chief Mohsen Rezaee warned that continued economic pressure could halt oil exports, saying "not a single drop of oil will be exported" through the Strait of Hormuz or Persian Gulf.

He also said countries supporting the U.S. campaign would be considered to have committed "an act of war." Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published editors.

Read Also: US-Iran Conflict Escalates Near Hormuz Strait as Tehran Hits Back for Larak Island Strikes: Brent Crude Rises Above $89 Image Courtesy: 1 Andrew Thomas 1 via Shutterstock