Scott Bessent signals potential deal to open the Strait of Hormuz as Iranian draft plan imposes restrictive shipping conditions.
Treasury Secretary Scott Bessent indicated that a deal to open the Strait of Hormuz with freedom of movement could be reached as early as Wednesday. However, the Iranian state news agency Fars reported a draft plan on Thursday that places restrictive conditions on ship traffic. Under the proposed terms, Iran would ban U.S. and Israeli ships from transiting the strait, while other nations that have harmed Iran would be barred until compensation is paid. Tehran plans to impose penalties of up to 20% of the cargo value for violators. U.S. officials quickly rejected these terms, noting that the Strait of Hormuz is an international waterway where no single party controls the lanes. While Iran and Oman are reportedly close to finalizing a separate agreement to define transit routes, the administration announced that the U.S. is ready to return to commitments. President Trump said that negotiations are underway despite Iran's claims of a lack of progress. The deal aims to return to the ceasefire and memorandum of understanding agreed upon in June.