US Treasury chief says Strait of Hormuz will lose importance within two years

WASHINGTON, United States — WASHINGTON — US Treasury Secretary Scott Bessent said on Tuesday that the Strait of Hormuz would lose its strategic importance within two years as global oil pipeline capacity expands. Speaking at a session on the sidelines of the G20 meetings in Washington, Bessent said that in two years the strait would become a "worthless waterway," adding that Iran has been trying to use it as a chokepoint, though this affects many other countries rather than the United States. Commenting on the economic pressure campaign against Iran, Bessent said the administration is considering sanctions on aircraft leasing companies doing business with Tehran, a move that could extend to all parties linked to the Islamic Revolutionary Guard Corps. He said sanctions decisions targeting one bank would be announced this week and another next, adding that US allies have given strong support to the effort. Separately, maritime risk management firm Marisks and ship-tracking company Kepler reported late on Monday that two large Saudi oil tankers transiting the Strait of Hormuz were struck at close intervals by unidentified objects. Marisks said the simultaneity of the two incidents signals a new escalation in the threat environment at the Strait of Hormuz. Iranian moves to close the strait and US blockade operations along Iran's coast have driven a sharp decline in Gulf energy exports, while regional mediators have so far failed to produce a concrete result.