Washington, D.C., USA – U.S. Treasury Secretary Scott Bessent said on Tuesday that the United States could reach a deal with Iran to reopen the strategically vital Strait of Hormuz as early as Wednesday, August 5. In an interview with CNBC, Bessent stated, “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 normalised position in this conflict.” He expressed optimism that such an agreement would stabilize energy prices, with hundreds of ships waiting to transit the waterway.
Bessent’s comments followed President Donald Trump’s remarks on Monday, in which he suggested the strait could reopen within hours after pulling back from threats of a massive military strike on Iran over the weekend. However, Iran’s Foreign Ministry has denied that direct negotiations with Washington are taking place. Adding to the tension, an unknown projectile struck a cargo ship in the strait on Tuesday, underscoring the fragility of the situation. The Strait of Hormuz is a critical chokepoint through which approximately 20% of global oil shipments passed prior to the conflict.
Secretary of State Marco Rubio confirmed that the U.S. is involved in negotiations mediated by Oman to increase traffic through the strait. “There’s been progress made in those talks but not finality yet; we’re hoping that will happen very shortly,” Rubio told journalists. Bessent expressed confidence that a deal would lead to a stabilization of energy markets, stating, “I’d expect the energy prices to settle back down, which, as I said, will be good for the entire world.” The potential agreement remains a key diplomatic development with significant implications for global oil markets and regional stability.
