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,” Bessent said Tuesday during a discussion with Larry Kudlow at the G20 financial meetings in Asheville, North Carolina.