Washington: «Hormuz» Will Lose Its Strategic Importance

Washington – Agencies: The United States has confirmed that energy corridors in the Middle East will shift away from the Strait of Hormuz, stripping it of its strategic value within two years, while Iran has escalated its demands and set new conditions for reopening the strait. (See page 12.)

US Treasury Secretary Scott Bessent, in an interview with US channel News12, predicted that the Strait of Hormuz would lose its significance over the next two years, stating that 50 to 70 percent of the energy currently transiting the strait would be rerouted through underground pipelines.

The administration of US President Donald Trump has repeatedly indicated in recent weeks that an agreement to reopen the strait could be imminent, before Iran denied holding any talks. Meanwhile, US Vice President JD Vance affirmed that Iran had informed them it would allow the maximum possible flow of oil through Hormuz, but added, “we do not trust them.”

In response, Iran’s Islamic Revolutionary Guard Corps announced yesterday that it would not reopen the vital strait to the global economy unless the United States accepts the conditions set by Tehran, including compensation for war damages.

Iranian Foreign Minister Abbas Araghchi stated that talks with the Sultanate of Oman regarding navigation and management of the strait were approaching their final stages, but he warned that reopening it was subject to other conditions and compensation for what he claimed was the US violation of a memorandum of understanding. Araghchi denied yesterday that Iran was negotiating directly with the United States, saying the two sides were exchanging messages through intermediaries.