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“Worthless in Two Years”: Bessent Says Pipelines Will Kill the Strait of Hormuz

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‼️ Treasury Secretary Scott Bessent downplayed the strategic importance of the Strait of Hormuz on Tuesday, telling Larry Kudlow at a global finance chiefs gathering in Asheville that the critical Persian Gulf waterway—currently controlled by Iran amid ongoing conflict—will be rendered obsolete by new oil pipelines within two years. “In two years, the Strait of Hormuz will be like a worthless piece of water,” Bessent said, signaling a shift away from reliance on the chokepoint for energy transport.

Oil Spikes on U.S.–Iran Escalation: “Deadlock Breaker” Strike Lifts Brent to July Highs

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‼️ 🛢️ BREAKING: Brent crude hit its highest level since July after the latest U.S. strikes on Iran, with WTI up 4%. While neither side signaled a return to full-scale war, both warned they’re prepared to respond to further attacks. Analysts see the U.S. strike on Larak Island as an effort to break a deadlock rather than a strategic shift.

Xi’s Global Sprint: Kyrgyzstan, Egypt, BRICS with Modi—and a Washington Showdown to Challenge US Leadership

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‼️ Chinese leader Xi Jinping is embarking on his busiest international travel schedule in over seven years, visiting Kyrgyzstan and Egypt this month before widely expected attendance at a BRICS summit hosted by Indian Prime Minister Narendra Modi, culminating in a late September stop in Washington as Beijing seeks to position itself as a superior global leader to the US.

SpaceX Turbines Take Off: Musk Targets AI Power Bottleneck, Rattling GE Vernova Investors

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‼️ SpaceX is reportedly exploring production of turbine blades for power-generation applications, a move that has GE Vernova investors concerned about potential disruption as the company leverages its engineering capabilities into a new industry. While blades represent only one component of power turbines, SpaceX could ultimately supply them to GE Vernova as part of a broader strategy to address what it views as a critical bottleneck in blade manufacturing that could constrain AI adoption. This initiative aligns with SpaceX’s parallel effort with Tesla to build a semiconductor fabrication facility, both aimed at mitigating supply-chain constraints that threaten to slow the pace of AI infrastructure deployment.

Euro Inflation Surge to 3.3% Locks in ECB Rate Hike Next

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‼️ 🇪🇺 BREAKING: Euro-area inflation accelerated to 3.3% year-over-year in August—the highest since September 2023—up from 2.9% in July, reinforcing expectations of a European Central Bank rate hike next week. While headline inflation surprised to the upside, core inflation (excluding food and energy) unexpectedly dipped to 2.4%, and services inflation eased to 3%. Markets now fully price in a 25-basis-point increase at the ECB’s September 10 meeting, with further tightening anticipated beyond June’s initial move