Bessent predicts Strait of Hormuz will be ‘worthless’ in 2 years
Summary
Treasury Secretary Scott Bessent said the Strait of Hormuz will lose its importance to the oil industry within two years. He also stated that the waterway is not a crucial bottleneck for the United States.Key Facts
- Scott Bessent is the U.S. Treasury Secretary.
- He made his comments at the Group of 20 finance ministers’ summit in North Carolina.
- Bessent said the Strait of Hormuz will be "worthless" to the oil industry in two years.
- The Strait of Hormuz is a key route for oil transport.
- Bessent claimed the strait is not a "choke point" for the U.S., meaning it is not critical for U.S. oil supply.
- The Strait of Hormuz has been seen as important due to its role in global oil shipping.
- His remarks suggest changes in how oil is transported or sourced for the U.S. in the future.
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