Us treasury secretary scott bessent on tuesday said that the strait of hormuz would become obsolete within two years as alternative oil routes would bypass the strategic waterway. 'we have to de-risk everywhere in the world. we can see the iranians are trying to use the strait of hormuz as a choke point:isk everywhere in the world. We can see the Iranians are trying to use the Strait of Hormuz as a choke point,' Bessent said during an interview in Asheville, North Carolina. 'It's not a choke point for the US, but it is a choke point for many, many other countries,' he said on the sidelines of meetings with G20 countries' ministers.

According to Anadolu Agency, Bessent claimed the strategic waterway 'will be bypassed in two years.' 'In two years, the Strait of Hormuz will be like a worthless piece of water,' he said. 'The oil will be going on pipelines across land,' he added. Bessent highlighted Iran's economic struggles, noting that Tehran currently lacks 'access to hard currency, inflation is through the roof, they're having to print money at the central bank to try to pay government employees, to pay troops.'

On further sanctions against Iran, Bessent announced plans for upcoming financial sanctions. 'We are probably going to announce a bank sanction this week, and we will announce one the week after,' he stated. He emphasized Washington's collaboration with allies, saying: 'We have seen great support around the world, and we have zero tolerance. We are going to economically asphyxiate this regime.' Bessent pledged to target the regime's assets, promising to redistribute them to the Iranian people, victims of terror, or families of US soldiers.

He also stressed the US commitment to preventing Iran from developing nuclear weapons and disrupting its regional influence. 'But we will stop this regime's ability to have a nuclear weapon, to have their current highly enriched uranium, to project terrorist power through their proxy networks, and to terrorize the Gulf,' he said, adding a clear message: 'we're telling people either you are with us or against us.'

Tensions between Tehran and Washington have escalated since the conflict began with strikes on Iran in late February. A framework deal, facilitated by Pakistani and Qatari mediation, was signed in June. However, the US launched a two-week bombing campaign in July and reinstated a naval blockade following disagreements over navigation in the strait.