US analysis: Hormuz risks decline
U.S. Treasury Secretary Scott Bissent anticipated that the Strait of Hormuz would lose a significant portion of its strategic importance within the next two years due to the Gulf countries' expansion in transporting energy via pipelines and land routes instead of relying on the maritime corridor. He pointed out that between 50% and 70% of the current energy volumes passing through the strait might be transported via pipelines in the future, reducing dependence on the strait, which is one of the largest arteries for global oil and gas trade. This could lead to the strait becoming a regular waterway or losing its significance altogether, as the Gulf seeks to enhance its oil and gas export capabilities outside the strait to ensure the continued flow of supplies in the event of disruptions to maritime traffic.
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