Bessent Says Hormuz Route Will Be Bypassed In the Future

US Treasury Secretary Ralph Bessent said the Strait of Hormuz shipping route will eventually be bypassed and become "worthless," Bloomberg reported. His statement followed escalated military activity between the US and Iran, including American strikes and Iranian retaliation. Bessent did not specify a timeline or alternative route details. The Strait of Hormuz is a critical chokepoint through which roughly one-third of global seaborne traded oil passes.

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