business β½ Hormuz Strait set to become obsolete, says US Treasury chief
US Treasury Secretary Scott Bessent stated that the Strait of Hormuz could become worthless as energy supplies switch to pipelines. He made this prediction at the G20 finance gathering in North Carolina, citing Gulf states' fast-tracking of alternatives. Before the Iran war on February 28, about 20% of global energy passed through the strait. Bessent estimates up to 70% of that energy will now use pipelines, supported by projects like the UAE's expansion. The US will also continue targeting Iranian assets with potential new bank sanctions this week. π’