BESSENT told NBC on Aug. 6 the Strait of Hormuz will never return to its former state and will "become irrelevant" as an energy-transit chokepoint within two years, saying more than 50%—and potentially as much as 70%—of energy previously shipped through the strait will be rerouted to underground pipelines. He said this outcome is not the Iran-favourable scenario Tehran portrays.

2026-08-08

BESSENT told NBC on Aug. 6 the Strait of Hormuz will never return to its former state and will "become irrelevant" as an energy-transit chokepoint within two years, saying more than 50%—and potentially as much as 70%—of energy previously shipped through the strait will be rerouted to underground pipelines. He said this outcome is not the Iran-favourable scenario Tehran portrays.