Bessent predicts Strait of Hormuz will be ‘worthless’ in 2 years
He said pipeline and port projects are advancing as tanker attacks and sanctions push Gulf exporters to secure routes outside the chokepoint.
- On Tuesday, Treasury Secretary Scott Bessent told a G20 gathering in Asheville, North Carolina, that oil pipelines will allow energy shipments to bypass the Strait of Hormuz within two years, calling it "a worthless piece of water."
- The Treasury Department has assumed a central role in the conflict recently, with Bessent announcing plans last week to expand sanctions on financial institutions and other entities that continue doing business with the Islamic Republic of Iran.
- Targeting the United Arab Emirates branches of Egypt's Banque Misr last week, the U.S. cited US$1.8 billion in business with Iran; Bessent noted the administration avoided sanctioning the main Egyptian bank to maintain diplomatic distinctions.
- Bessent indicated the U.S. will "probably" announce sanctions on another bank this week and a further one next week, asserting that "sanctions plus a blockade work" to isolate the Iranian economy.
- While the U.S. investigates targeting aircraft leasing companies, China continues to import more than 90 per cent of Iranian oil; Bessent confirmed he held private discussions with Chinese officials regarding Iran during the G20 meeting.
36 Articles
36 Articles
Strait of Hormuz Will Be a "Worthless Piece of Water" in Two Years. Why Oil Just Crossed $90/Barrel Anways
Treasury Secretary Scott Bessent just told G20 finance chiefs the Strait of Hormuz will stop mattering to global oil within two years, but Iran is already mining the waterway and threatening to attack neighboring energy infrastructure.
Is It Idiotic To Fight A War Over Something Worthless In Two Years? » Sons of Liberty Media
My vote is yes, but that’s what Bessent says we are doing. Worthless in Two Years The Hill reports Bessent predicts Strait of Hormuz will be ‘worthless’ in 2 years Treasury Secretary Scott Bessent said Tuesday that the Strait of Hormuz will be “worthless” to the oil industry in two years. Speaking to Fox Business’s Larry …
The Washington Standard
Mish Talk - Global Economic Trend AnalysisIs It Idiotic To Fight A War Over Something Worthless In Two Years?
My vote is yes, but that’s what Bessent says we are doing. Worthless in Two Years The Hill reports Bessent predicts Strait of Hormuz will be ‘worthless’ in 2 years Treasury Secretary Scott Bessent said Tuesday that the Strait of Hormuz will be “worthless” to the oil industry in two years. Speaking to Fox Business’s Larry […]
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