Business

Strait of Hormuz will be ‘worthless piece of water’ as oil pipelines bypass it, Bessent says

Financial Post · September 1, 2026 at 11:59 a.m.

United States Treasury Secretary Scott Bessent dismissed the importance of the Strait of Hormuz on Tuesday, saying the crucial waterway for Persian Gulf energy that’s been controlled by Iran during the recent conflict will get bypassed by oil pipelines.

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Strait of Hormuz will be ‘worthless piece of water’ as oil pipelines bypass it, Bessent says

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