U.S. says Hormuz Strait will be useless in two years

Bessent: In two years, the Strait of Hormuz will become useless.

Consensus

• Scott Bessent, U.S. Secretary of the Treasury, stated that the Strait of Hormuz will lose its importance as a trade route in two years.
• Bessent attributed this to the use of land-based oil pipelines as an alternative to maritime transport.
• The U.S. conducted military strikes on two Iranian missile launchers on Laarak Island in the Strait of Hormuz on August 30.
• Iran's Revolutionary Guard Corps (IRGC) claimed control over the Strait of Hormuz and declared it closed to vessels without Tehran's approval.
• The U.S. has imposed economic sanctions on entities supporting Iran, including a bank in the UAE, and plans further sanctions.

Points of divergence

• Bessent stated that the Strait of Hormuz would become a 'useless body of water' in two years. — vesti
• Bessent made the statement at a meeting of global financial officials in Asheville. — vedomosti
• The U.S. strike on Laarak Island targeted Iranian missile launchers preparing to launch sea mines toward the Strait. — vedomosti
• The IRGC responded by attacking U.S. bases in Jordan. — vedomosti
• The U.S. Treasury is using economic pressure as part of President Trump's 'Economic Day' plan. — vedomosti
• The U.S. imposed sanctions on a branch of Egypt's Banque Misr in the UAE and plans to sanction two more banks within two weeks. — vedomosti

Coverage (2 sources)

• Bessent: The Strait of Hormuz will become a useless waterway in two years — Вести
• Bessent: In two years the Strait of Hormuz will become useless — Ведомости

Key entities

• Ormuz Strait
• USA
• Scott Bessent
• Moscow
• Bloomberg
• KSIR
• Ashville

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