1054 ET - Oil futures are higher with renewed strikes in the Persian Gulf, including attacks on two tankers carrying Saudi oil, increasing concerns about oil flows through the Strait of Hormuz. U.S. Treasury Secretary Scott Bessent says the strait will become less important as a chokepoint given alternative ways of getting oil out of the region. "In two years the Strait of Hormuz will be a worthless piece of water. The oil will be going on pipelines across land," he says in a fireside chat with Larry Kudlow of Fox Business. Bessent stressed the latest U.S. measures to squeeze Iran economically. The June MOU didn't work because Iran wasn't ready for a deal, he says. "My job is make sure they want to have a deal." WTI is up 2.2% at $87.62 a barrel. Brent rises 1.8% to $92.06.
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