Bessent Says Strait of Hormuz Obsolete Within Two Years
Treasury Secretary Scott Bessent says Gulf oil producers could bypass the Strait of Hormuz within two years, putting a remarkably short timetable on a pipeline buildout that has accelerated since the Iran war disrupted one of the world’s busiest oil routes. “That will be bypassed in two years,” Bess
Source: OilPrice.com
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DW NOTE
Bessent is making an empirical claim about the irrelevance of a chokepoint that has been blockaded for 186 consecutive days — while crude trades 20% below its yearly high and only 3 ships per day move through waters still seeded with Iranian mines. If the Strait were truly obsolete, oil would not have surged 9% in a week on news that it remains shut.