Scott Bessent predicts Strait of Hormuz will become worthless within two years

U.S. Treasury Secretary Scott Bessent has predicted that the Strait of Hormuz will become ‘worthless’ to the oil industry within the next two years. Speaking at a G20 Finance Ministers meeting, Bessent suggested that global reliance on this critical maritime chokepoint will diminish as energy transport shifts toward extensive land-based pipeline networks.

Bessent noted that the Strait of Hormuz is no longer a primary vulnerability for United States energy security. According to Energy Information Administration (EIA) data, U.S. crude oil imports from Persian Gulf nations have dropped to a 40-year low, accounting for only about 7% of total U.S. imports due to increased domestic production and supplies from Canada. While the International Energy Agency (IEA) indicates that approximately 34% of global crude oil was expected to pass through the Strait in 2025, Bessent maintains that the transition to land-based routes will fundamentally reshape global energy logistics.