Bessent: Hormuz 'worthless' as pipelines bypass it; US downplays chokepoint risk

Treasury Secretary Bessent dismissed the strategic importance of the Strait of Hormuz, arguing that oil pipelines provide alternative routes, reducing the impact of any potential closure. This marks a notable US policy shift in rhetoric, signaling confidence in supply resilience despite ongoing regional tensions. The claim is unverified and likely aimed at deterring threats, but contradicts current market reliance on the strait for ~20% of global oil.