1 Day
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الاقتصادية
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Treasury Secretary: Hormuz losing strategic importance
The US Treasury Secretary expects the Strait of Hormuz to lose its significance within the next two years, as 50 to 70% of energy supplies are diverted to underground pipelines instead of passing through the strait. This will render the strait irrelevant, turning it into just an ordinary waterway. Gulf countries are focused on reassessing their plans to build new pipelines to reduce reliance on the strait, which is a key hub for global oil exports, and to mitigate potential security risks if it were to be closed. Negotiation efforts between Iran and Oman also suggest the possibility of reopening the waterway soon. However, tensions remain high, with the United States continuing to pressure Iran to ensure ships can pass safely and to prevent attacks on commercial shipments.
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