Bessent says U.S., Iran could reach deal this week to reopen Hormuz

U.S. Treasury Secretary Scott Bessent said on Tuesday that the United States and Iran could reach a deal this week to reopen the Strait of Hormuz, noting that the deal would be about “freedom of movement” in the crucial waterway.

Bessent made the remarks in a CNBC interview, as concerns have persisted about war-related disruptions to commercial shipping through the strait, a key shipping route for oil, natural gas, fertilizer and other commodities.

“We are in talks with the Iranians,” he was quoted as saying in the interview.

“There is a chance we may have a deal today or tomorrow to open the strait and move toward a more normalized position in this conflict.”

Asked whether Iran would be allowed to impose a toll on ships transiting the strait, Bessent said, “It would be freedom of movement.”

The secretary noted that if hundreds of ships stranded in the Persian Gulf due to the Middle East conflict could exit, oil prices should fall further.

“It’s not just energy. It’s fertilizer. It’s refined products. It is the various industrial gases,” he said. “We could see a big relief trade as those prices go down.”

During a press availability at the U.S. State Department, U.S. Secretary of State Marco Rubio pointed to progress in talks with Iran and Oman over the Strait of Hormuz.

“There’s been progress made in those talks, but not finality yet. We’re hoping that will happen very shortly,” he was quoted as saying by CBS News.

On Monday, U.S. President Donald Trump said that Washington and Tehran are in talks about reopening the Strait of Hormuz “literally” by Tuesday. He also described the opening of the strait as “the first phase” and discussions on Iran’s nuclear program as “the second phase.”

Yonhap