Bessent: The Strait of Hormuz will achieve "bypass passage" within two years; the United States will continue to increase sanctions on Iran

In a fireside chat at the G20 meeting, US Treasury Secretary Bessent pointed out that the US energy sector’s “3-3-3” plan targets crude oil equivalent, and since Trump took office, the country’s daily oil production has increased by 1.6 million to 2.2 million barrels. He stated that risks must be reduced and that the Strait of Hormuz will achieve “bypass passage” within two years, by which time the strait will become a “worthless body of water,” and oil will be transported via land pipelines instead of through the Strait of Hormuz. When discussing the Iran issue, he mentioned that 85%-90% of Iranian factories have the capacity to be rebuilt and that Iran may hold the world’s third-largest energy resources. In addition, the US may announce banking sanctions this week and next week, and has obtained strong support from the EU, the European Central Bank, the UK, the UAE, and Bahrain. The US will adopt zero tolerance toward Iran and suffocate its development economically; it will also pay attention to aviation leasing companies related to Iran. Bessent said: “We know about accounts in the British Virgin Islands connected to Iran, and funds stolen from Iranian people can be returned to them, or used with Iranian funds to help victims of terrorism.”