- U.S. Treasury Secretary Scott Bessent has claimed that the Strait of Hormuz will become a “worthless piece of water” in two years as alternative pipelines bypass it.
- The waterway was closed by Iran following US-Israeli strikes in February, leading to soaring oil prices and global energy market disruption.
- The U.S. is expected to announce new economic sanctions on Iran within the next fortnight after Bessent said it had “great support” from international allies.
- Gulf states are attempting to use overland pipelines to bypass the strait, but Iranian attacks continue to impact global markets.
- Iran has dismissed threats from President Donald Trump, who warned the Islamic Republic would be hit hard following missile strikes on US military bases.
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