- US Treasury Secretary Scott Bessent stated that a deal with Iran to reopen the Strait of Hormuz could be reached 'today or tomorrow', which would help stabilize energy prices.
- Bessent expressed optimism during an interview with CNBC, saying, "We are in talks with the Iranians" and there is a chance for a deal soon.
- Oil prices fell after Bessent's remarks, with US crude futures dropping about 4 percent to trade below $77 per barrel, reflecting market reactions to the potential easing of tensions.
- Bessent's comments align with those of US President Donald Trump, who indicated that the waterway could reopen within hours after backing off from military threats against Iran.
Treasury Secretary Scott Bessent expressed optimism that the U.S. could finalize a deal with Iran to reopen the Strait of Hormuz as early as Wednesday, which could stabilize global energy prices.1
"We are in talks with the Iranians, and I think there is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict," Bessent stated during an interview with CNBC.
His remarks come amid heightened tensions, as an unknown projectile struck a cargo ship in the strait, a critical shipping route for global oil exports.
Bessent noted that hundreds of ships are currently waiting to navigate through the strait, and he anticipates that energy prices will settle back down if a deal is reached.
"Even though things are still a little dicey there over the past few days, we've seen quite a few ships coming out even now," he added.
President Donald Trump also indicated that negotiations were ongoing, stating, "Talks are going on right now," and emphasized the urgency for Iran to sign a favorable agreement.
However, Iran's foreign ministry has denied any direct negotiations with the U.S., asserting that discussions are only taking place with Oman regarding shipping routes.
The Strait of Hormuz has been a focal point in the ongoing conflict, which escalated after U.S. and Israeli strikes on Iran earlier this year.
As the situation develops, the potential reopening of the strait remains a critical issue for both diplomatic relations and global energy markets.
“Iran's foreign ministry denied any negotiations with Washington, and an unknown projectile hit a cargo ship in the Strait of Hormuz on Tuesday. Oil prices fell about 4 percent after his remarks, with US crude trading below $77 a barrel as markets weighed the prospect of reduced tensions in the Gulf.”
