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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 Kudlow on the sidelines of the Group of 20 finance ministers’ summit in North Carolina, Bessent argued the key waterway is “not a choke point” for the U.S. In…
GlobeSignal-AIlow certainty
- Why it matters
- Bessent's claim, if accurate, suggests U.S. oil dependence on Middle Eastern shipping through the strait will collapse in the near term, reshaping geopolitical leverage and energy security calculations.
- Most affected
- U.S. energy importers and refiners — May face reduced strategic exposure to Middle East shipping disruptions if Bessent's timeline holds.
- Likely next
- Whether U.S. domestic oil production or alternative energy sources actually reach levels that reduce Hormuz dependence within the stated timeframe.