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The United States (US) has said it could reach a deal with Iran by Wednesday to reopen the Strait of Hormuz, a move that would help stabilise global energy prices.
US Treasury Secretary Scott Bessent made the remarks on Tuesday during an interview with CNBC, saying negotiations were ongoing despite Iran’s public denial that 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 open the strait and move towards a more normalized position in this conflict,” Bessent said.
He added that any agreement would guarantee freedom of movement through the strategic waterway rather than allow Iran to charge tolls on passing ships.
Bessent’s comments came a day after US President Donald Trump said the Strait of Hormuz could reopen soon after he suspended plans for a major military strike on Iran.
However, Iran’s Foreign Ministry has denied holding direct negotiations with the United States.
Tensions in the region remained high on Tuesday after an unidentified projectile struck a cargo ship in the Strait of Hormuz, one of the world’s busiest oil shipping routes. Despite the incident, Bessent said shipping activity was gradually improving, noting that many vessels were beginning to move through the strait.
“Even though things are still a little dicey there over the past few days, we’ve seen quite a few ships coming out even now,” he said.
He expressed confidence that reopening the waterway would help reduce pressure on global oil markets.
“I’d expect the energy prices to settle back down, which will be good for the entire world,” Bessent added.
