Scott Bessent Downplays Strait of Hormuz, Says It Will Be Bypassed Within Two Years

U.S. Treasury Secretary Scott Bessent downplayed the importance of the Strait of Hormuz on Tuesday. According to Sina Finance, he said the waterway, which Iran controls amid recent conflict and is crucial for energy shipments from the Persian Gulf, will soon be bypassed by pipelines. "It will be bypassed within two years," Bessent said during a conversation with Larry Kudlow at the global finance ministers' meeting in Asheville, North Carolina. He added that within two years, the Strait of Hormuz will be "like a worthless body of water."