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Bessent: Strait of Hormuz Will Be a “Worthless Piece of Water” in Two Years

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Iran Says It Will Announce New Restricted Zone in the Gulf

DUBAI (Reuters) - Iran said it will announce a new restricted zone in the Gulf in the coming days, along with maps of a new shipping corridor through the Strait of Hormuz, as a weekend exchange of strikes on shipping sent oil prices higher on Monday. The new restricted zone will begin from where the U.S. blockade of Iran begins and extend into areas of the Gulf, Mohsen Rezaei, the secretary of Iran's Supreme National Security Council, said on Sunday in an interview with state TV. Few details were provided, but Rezaei said any ship entering the new zone would be added to a sanctions list.
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Treasury Secretary Scott Bessent said the Strait of Hormuz will be “a worthless piece of water” within two years, arguing that new pipeline capacity and surging non-OPEC production will strip the chokepoint of its leverage over global energy markets.

The comments came as oil markets stayed on edge over the risk of Iranian disruption to the waterway, through which roughly a fifth of the world’s oil supply moves each day.

READ MORE: https://oilprice.com/Latest-Energy-News/World-News/Bessent-Says-Strait-of-Hormuz-Obsolete-Within-Two-Years.html

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