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US Treasury Secretary Scott Bessent announced Tuesday that Washington could reach an agreement with Tehran to reopen the Strait of Hormuz within hours, driving global crude prices down over six per cent to below $79 per barrel.
Speaking on CNBC, Bessent echoed President Donald Trump’s optimism for a diplomatic breakthrough, even as Trump maintained a harsh stance by warning Iran that the talks represent its final opportunity to avoid destruction.
Secretary of State Marco Rubio clarified that current negotiations involve Oman mediating between the United States and Iran to restore international maritime traffic through the vital waterway.
The potential breakthrough comes amid escalating security risks across key Middle Eastern shipping lanes.
On Tuesday, a projectile struck a merchant vessel in the Strait of Hormuz off the coast of Oman, leaving one crew member missing, while an unattributed attack in the Red Sea sank the Indian cargo vessel MSV Faize Noore Oliya off the coast of Yemen.
While Qatari mediators continue to facilitate discussions to de-escalate the broader conflict that began in February 2026, Iranian officials publicly deny direct negotiations with Washington, maintaining their demand to control Hormuz transit fees until a formal settlement materialises.
