US, Iran Near Deal to Reopen Strait of Hormuz, Treasury Secretary Says

The United States and Iran are on the verge of an agreement that could reopen the critical Strait of Hormuz to international commercial shipping, according to U.S. Treasury Secretary Scott Bessent. Speaking to CNBC, Bessent indicated that talks with Tehran are progressing, and a deal might be finalized as early as Tuesday or Wednesday.

“

We are in talks with the Iranians.

Such an accord aims to de-escalate current tensions and restore normal operations in the strategically vital waterway. Bessent emphasized that any agreement would guarantee freedom of navigation for all commercial vessels passing through the strait. This assurance is crucial given the strait's significance as a chokepoint for a substantial portion of global energy shipments.

While Bessent confirmed ongoing discussions, he did not elaborate on specific terms regarding potential tolls. However, he reiterated that the core principle of the potential deal is the unimpeded movement of ships. Despite recent geopolitical friction, several commercial vessels have reportedly continued to transit the strait, highlighting its persistent importance to global commerce.

“

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.

The Strait of Hormuz, a narrow channel connecting the Persian Gulf to the open ocean, is one of the world's most critical maritime passages. Any disruption or restriction of shipping through this route can have profound and immediate implications for international trade flows and global energy markets, affecting supply chains and prices worldwide.

“

It would be freedom of movement.