US Could Reach Deal With Iran To Reopen Strait Of Hormuz ‘Today Or Tomorrow,’ Bessent Says
The United States could be just hours away from a breakthrough agreement to reopen the Strait of Hormuz, with Treasury Secretary Scott Bessent saying Tuesday that a deal with Iran could be completed “today or tomorrow.”
Bessent expressed optimism during an appearance on CNBC, saying negotiations have made significant progress toward restoring commercial shipping through one of the world’s most important waterways. The Trump administration is pushing for ships to once again be able to travel through the strait freely without Iran imposing tolls or other restrictions.
The potential breakthrough follows months of disruption caused by the Iran war, which severely reduced shipping through the Strait of Hormuz and helped drive global energy prices higher. Roughly one-fifth of the world’s oil supply normally passes through the narrow waterway, making its reopening a major priority for President Trump.
Iran and Oman have been negotiating a temporary arrangement that would establish designated shipping lanes through Iranian and Omani waters. Iran has pushed for the ability to collect a “service fee” from vessels, while the Trump administration has opposed allowing Tehran to effectively impose tolls on international shipping.
Bessent made clear that Washington wants genuine freedom of navigation restored. He said the administration does not intend to accept an arrangement that simply replaces Iran’s blockade with a system requiring international vessels to pay Tehran for passage.
Secretary of State Marco Rubio offered a more cautious assessment Tuesday, confirming that progress has been made while emphasizing that a final agreement has not yet been completed. Iran, meanwhile, continues to deny that it is directly negotiating with the United States, maintaining that its discussions are primarily taking place with Oman.
Markets immediately responded to the possibility of a breakthrough. Oil prices plunged more than 5% Tuesday, with Brent crude settling at $79.36 per barrel and West Texas Intermediate falling to $75.77 as traders increasingly anticipated that commercial traffic through the strait could soon begin recovering.
The diplomatic progress comes after President Trump delayed another major military attack against Iran to provide negotiations with one final opportunity to succeed. Trump has warned Tehran that the United States remains prepared to resume military action if negotiations collapse, while making reopening the Strait of Hormuz the immediate priority before broader negotiations over Iran’s nuclear program.
For the Trump administration, a successful agreement would represent a major step toward stabilizing the region and bringing down energy prices after months of war. But until the final terms are signed and ships are once again moving freely through the Strait of Hormuz, administration officials are stopping short of declaring victory.