Treasury Secretary Scott Bessent speaks to reporters at the G20 Finance Ministerial in Asheville. Speaking at the G20 finance ministers' meeting in North Carolina, Bessent said the strategic waterway was not a choke point for the United States, although it remained critical for many other countries. "It's not a choke point for the US but it is a choke point for many, many other countries," he said. Bessent said the strait would increasingly be bypassed as oil was transported through pipelines across land. "In two years, the Strait of Hormuz will be a worthless piece of water. The oil will be going on pipelines across the land," he said. His comments come as the Trump administration seeks to increase pressure on Iran's economy amid the continuing conflict between the US and Iran. Bessent said Washington was likely to announce measures against banks with links to the Iranian government within the next two weeks. The administration's aim, he said, was to "asphyxiate" Iran's economy. The US has recently expanded the scope of secondary sanctions against countries and businesses dealing with Tehran, warning that entities could be excluded from the dollar-based financial system. "We are speaking with our allies here. We all come forward, and will get a great show of support whether it's from the EU, the ECB, the UK, the UAE," Bessent said. "The economic outcomes could not have happened without the initial kinetic success," he added. Bessent had previously said that the Strait of Hormuz was "never going back to the way it was", estimating that as much as 70% of the energy that normally passes through the waterway could eventually be moved through pipelines. The comments came after a fresh incident involving a tanker in the Strait of Hormuz. The United Kingdom Maritime Trade Operations (UKMTO) said on Monday that a tanker had reported being struck by three "unknown projectiles" while completing an outbound transit of the strait. The incident occurred about 17 nautical miles (31km) east of Khasab, Oman. No casualties or environmental impact had been reported, UKMTO said. Shipping traffic through the Strait of Hormuz fell sharply after the US and Israel launched their war against Iran on 28 February. Although volumes have increased in recent weeks, they remain below levels recorded before the conflict. The strait is one of the world's most strategically important waterways, carrying a significant share of global energy supplies. Bessent has been meeting counterparts in Asheville as Washington seeks international support for measures aimed at isolating Iran's economy.