Bessent says Hormuz to become worthless

US Treasury Secretary Scott Bessent, speaking at the G20 finance ministers meeting in Asheville, North Carolina, on September 1, 2026, said the Strait of Hormuz would become a 'worthless piece of water' within two years as new land-based oil pipelines would bypass the strategic waterway. He argued that the strait is not a choke point for the US but is for many other countries, and that oil will increasingly move via pipelines. Bessent also announced that the US would likely sanction another bank with links to Iran this week and another next week, as part of efforts to 'asphyxiate' Iran's economy. He referenced the recent expansion of secondary sanctions and the targeting of Banque Misr's UAE branches. His comments came amid renewed US-Iran hostilities, including tit-for-tat strikes on Monday and reports of two tankers struck by projectiles in the strait, as reported by UKMTO and Marisk. Bessent also mentioned private discussions with Chinese officials about Iran and defended the effectiveness of sanctions combined with a naval blockade.