Strait of Hormuz to lose its importance for oil transportation - Trump

U.S. President Donald Trump said that the Strait of Hormuz would become far less important than before because of pipeline construction.

Speaking about oil prices, the U.S. leader said that despite the U.S. war with Iran, oil is at $84 to $85 a barrel, in part because large volumes of oil are moving through the Strait of Hormuz.

"I think the Hormuz Strait is not going to be quite as important as it was in the past," Donald Trump said.

He noted that people have found other alternatives which they never thought about - Texas, Alaska, Louisiana, and other places, where energy resources are produced. In addition, a lot of pipelines, record numbers of pipelines are being built, Trump said.