Treasury Secretary Scott Bessent says the U.S. and Iran may reach a deal to reopen the Strait of Hormuz by Wednesday.
Treasury Secretary Scott Bessent stated that the United States and Iran could reach an agreement by Tuesday or Wednesday to restore freedom of movement for commercial ships in the Strait of Hormuz. The deal would allow vessels to transit without Iran charging a toll. Bessent noted that the reopening of the strait would provide significant relief for global markets, as hundreds of ships are currently stuck in the Persian Gulf. This move follows a major attack on Iran that President Trump called off to facilitate negotiations. U.S. crude oil futures fell approximately 3% to trade below $78 per barrel following the remarks. Bessent highlighted that the reopening would impact more than just energy, affecting prices for fertilizer, refined products, and industrial gases. The U.S. and Iran previously signed a memorandum of understanding in June, but the deal collapsed due to disagreements over specific transit routes. Washington recently retaliated against Iranian attacks on tankers with a12 waves of airstrikes and a naval blockade.