US Treasury Secretary confirms Strait of Hormuz will become an "insignificant waterway" within two years

Washington, Jan 1 (KUNA) – U.S. Treasury Secretary Scott Bessent affirmed on Tuesday that the Strait of Hormuz will become a “strategically insignificant and unformed” waterway within two years. Bessent made these remarks to journalists while in Asheville, North Carolina, where he was presiding over the second and final day of the Group of Twenty (G20) meetings. He stated that “Iranians are attempting to use the Strait of Hormuz as a leverage card... Although it poses no pressure on the United States, it does on many other countries.” He added that “this situation will change within two years, as the Strait of Hormuz will become merely a waterway of little value, with oil to be transported via land pipelines.” He emphasized that securing supply chains is vital not only for oil shipments but also for the transport of “semiconductors, critical minerals, advanced technologies, and raw materials used in the production of many pharmaceuticals,” stressing that “we must mitigate risks (supply chain bottlenecks) worldwide.” (End) R.S.R / A.M.S