The United States says it is optimistic about reaching an agreement with Iran by Wednesday to reopen the Strait of Hormuz, a development that could ease tensions in the Gulf and bring down global oil prices.
US Treasury Secretary Scott Bessent disclosed this during an interview with CNBC on Tuesday, saying discussions with Tehran were making progress despite Iran’s repeated denial that direct talks with Washington were taking place.
“We are in talks with the Iranians, and I think there is a chance we may have a deal today or tomorrow to reopen the strait and move towards a more normal situation,” Bessent said.
He explained that any agreement would guarantee free passage for ships through the strategic waterway, rather than allow Iran to impose transit charges.
Bessent’s comments came a day after President Donald Trump said the Strait of Hormuz could reopen soon after he suspended plans for another major military strike on Iran.
However, Iran’s Foreign Ministry has maintained that there are no direct negotiations with the United States.
Tensions in the Gulf remain high after an unidentified projectile struck a cargo vessel in the Strait of Hormuz on Tuesday, raising fresh concerns about security along one of the world’s busiest oil shipping routes.
Despite the incident, Bessent said commercial shipping was gradually picking up, with more vessels beginning to pass through the waterway.
“Things are still a bit uncertain, but over the past few days we’ve seen more ships moving through the strait,” he said.
He added that reopening the route would help calm the global energy market and reduce pressure on oil prices.
“I expect energy prices to come down, and that will benefit the global economy,” Bessent said.
