Bessent: Strait of Hormuz Will 'Become Irrelevant' Within Two Years

Aug 08, 2026 7:00 PM
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Bessent: Strait of Hormuz Will 'Become Irrelevant' Within Two Years
AP Photo/Altaf Qadri, File

The U.S. and Iran are wrestling over control of the Strait of Hormuz, and that depends on Iran striking a deal with Oman.

Vice President J.D. Vance said that the U.S. is “trying to maximize the amount of oil and gas” coming from the Strait in an attempt to lower energy prices, he told Fox News. 

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The Iranians say they don’t plan to toll the Strait of Hormuz, Vance said. The sides are negotiating more terms about commercial traffic in the Strait of Hormuz, he said. 

"We're working through how to set up a traffic scheme so the ships can pass through safely," Vance said. "That includes Iran committing they won't fire at commercial vessels."

"We're in the middle of the game. This thing is not over...our expectation is the same oil and gas come out of the Gulf you saw before the conflict started. The Iranians told us that...but we don't trust; we verify."

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Iran has reportedly given six conditions that must be fulfilled to reopen commercial shipping in the Strait.

The U.S. is blockading Iranian ports and has redirected over 50 commercial vessels as of Friday, according to the U.S. Central Command.

In a few years, the Strait of Hormuz will “become irrelevant” as more energy moves through underground pipelines instead of that body of water, Treasury Secretary Scott Bessent said. 

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The U.S. and Iran are reportedly close to a deal regarding the Strait, according to multiple outlets. 

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News Topics ENERGY | IRAN | JD VANCE | NATIONAL SECURITY | OMAN
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