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U.S. Secretary of the Treasury Scott Bissent confirmed that the oil pipelines currently under development will surpass the Strait of Hormuz within two years, rendering the maritime corridor that Iran currently controls the navigation through "a worthless waterway," according to Bloomberg News Agency. This comes after renewed American-Iranian clashes and attacks on oil tankers near the strait. It is expected that these pipelines will reduce dependence on the Strait of Hormuz, but they will not be able to replace it entirely, as transporting 50-70% of energy products relies on the new pipelines, which are still unable to handle the full current flow. Data indicates that over 20 million barrels per day were passing through Hormuz in 2024, and the strait remains a key hub for global oil transportation. Experts emphasize that Hormuz will continue to be a vital point in the energy market despite the ongoing development of alternative pipelines.
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