US treasury secretary: Strait of Hormuz to lose significance within two years
US Treasury Secretary Scott Besant says the Strait of Hormuz will lose much of its importance within two years as most energy flows shift to pipelines.
Key Takeaways
AIUS Treasury Secretary Scott Besant said the Strait of Hormuz will lose its significance within the next two years, noting that more than 50 to 70 percent of the energy currently passing through the strait will be transported via underground pipelines.
Meanwhile, Iran announced today that it is close to reaching a final agreement with Oman on new shipping routes in the Strait of Hormuz. However, Tehran reiterated that the strait will not reopen until the United States meets other conditions.
A US official told Reuters on Friday that an agreement between Iran and Oman is imminent and could soon lead to the reopening of the waterway, which previously carried 20 percent of global oil and liquefied natural gas shipments before Iran closed it in response to US and Israeli attacks.
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