Strait of Hormuz Will Be a “Worthless Piece of Water” in Two Years. Why Oil Just Crossed $90/Barrel Anways

Treasury Secretary Scott Bessent told G20 finance chiefs he expects the Strait of Hormuz to stop being a material driver for global oil within two years, even as Bloomberg reports a fresh round of U.S.-Iran strikes is occurring now. The juxtaposition of near-term escalation against a medium-term de-risking forecast adds uncertainty to oil supply risk and price sensitivity.