Bessent Says Hormuz Will Soon Be ‘Worthless’ as Oil Bypasses It

U.S. Treasury Secretary Scott Bessent said the Strait of Hormuz is less important going forward, arguing Iran’s wartime control will be effectively bypassed via new oil pipelines. The claim is directionally supportive for expected Persian Gulf transit risk, but lacks near-term quantified timing and therefore is likely to keep energy-market uncertainty elevated. Net impact is likely more headline-driven than immediately measurable.