US Treasury Secretary: The Strait of Hormuz will be “worthless” within two years
US Treasury Secretary: The Strait of Hormuz will be “worthless” within two years
2026-09-01
Shafaq News – Washington
US Treasury Secretary Scott Bisent said on Tuesday that the importance of the Strait of Hormuz will decline within two years, as reliance on oil pipelines expands, amid escalating tensions between Washington and Tehran in recent days.
“In two years, Hormuz will be a worthless waterway,” said Bessent during a panel discussion on the sidelines of the G20 meetings in North Carolina, adding that Iran is trying to use the strait “as a choke point.”
He continued, “It is not a choke point for the United States, but it is a choke point for many other countries.”
As part of the economic campaign against Iran, Bessent said the United States would look into “potential sanctions” against aircraft leasing companies that do business with Iran, noting that this could include any entity that deals with the “Revolutionary Guard”.
He stated, “We are likely to announce sanctions on one bank this week, and we will announce sanctions on another bank the following week. We are talking to our allies here, who have all shown their willingness, and we have received great support.”
Earlier today, Maritime Risk Management firm Maritime and ship tracking firm Kpler reported that unidentified projectiles struck two giant tankers carrying Saudi oil within minutes of each other as they passed through the Strait of Hormuz heading out late Monday.
“These two almost simultaneous incidents represent a further escalation in the threat environment within the Omani corridor,” Marisex said.
Iran’s closure of the Strait of Hormuz and the US blockade of Iranian coasts and ports have led to a sharp decline in energy exports from the Gulf, as both sides seek to assert their authority over this waterway.
There have been no tangible results so far from the efforts of mediators, including Qatar and Oman, to reach an agreement to reopen the strait through which about a fifth of the world’s oil supply passed before the United States and Israel launched strikes on Iran more than six months ago.
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