New York: The tussle over ‘ownership’ of the strategic Strait of Hormuz took an interesting turn with the US claiming that it could be bypassed within two years, with oil eventually transported through land-based pipelines.
US Treasury Secretary Scott Bessent on Tuesday made the point that though Iran was trying to use Hormuz as a choke point, its importance could decline sharply as alternative routes are developed.
Bessent said the Strait of Hormuz is a critical route for many countries as of now, but was not a choke point for the United States.
“We can see the Iranians are trying to use the Strait of Hormuz as a choke point. It’s not a choke point for the US, but it is a choke point for many, many other countries,” Donald Trump’s aide stated.
“That will be bypassed in 2 years. In 2 years, the Strait of Hormuz will be like a worthless piece of water.”
Bessent predicted that alternative pipeline routes would reduce dependence on the key Persian Gulf corridor, through which around 20% of the world’s petroleum and roughly 25% of global liquefied natural gas (LNG) pass through.
Bessent’s comments came amid renewed US-Iran conflict, and a fresh incident in the Strait of Hormuz.
Three “unknown projectiles” struck a tanker while it was completing an outbound transit of the strait, the United Kingdom Maritime Trade Operations (UKMTO) said on Monday.
The incident took place 17 nautical miles east of Khasab, Oman. No casualty or environmental impact was reported.
It added to concerns over the safety of shipping through the key waterway as fighting between the US and Iran continues.