U.S. Treasury Secretary Scott Bessent says the Strait of Hormuz will become far less important in the coming years, arguing that oil flows will increasingly shift to land-based pipelines that bypass the waterway. Speaking in Washington, he characterizes the strait as “worthless” over a two-year timeframe as shipments are rerouted.
Both outlets link the comments to heightened tensions in the region and recent conflict dynamics involving Iran, including Iran’s role in using the strait as leverage over shipping. Bloomberg focuses on the assertion that oil will be bypassed by pipelines, while the Korea Times adds context about Bessent’s remarks at the Group of 20 finance ministers’ meetings and his view that the choke point affects other countries more than the United States.
Together, the reports present Bessent’s central claim: the strategic significance of Hormuz for U.S. energy logistics diminishes if alternative routes expand, even as the strait remains a critical shipping corridor and a flashpoint amid U.S.-Iran exchanges and disruptions.
