US Treasury Secretary Sees Chance of Hormuz Deal by Wednesday, Cites Energy Price Stability

U.S. Treasury Secretary Scott Bessent expressed optimism Tuesday that a deal to reopen the Strait of Hormuz could be reached with Iran by Wednesday, a move he believes would stabilize global energy prices. Bessent stated that "talks with the Iranians" were underway and suggested the outcome would be "freedom of movement" through the vital waterway. His comments aligned with President Donald Trump's assertion that the strait could reopen quickly after the U.S. scaled back threats of military action.

“

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.

However, Iran's foreign ministry has denied any ongoing negotiations with Washington. Adding to the tension, an unidentified projectile hit a cargo ship in the Strait of Hormuz on Tuesday. Secretary of State Marco Rubio confirmed U.S. involvement in indirect talks mediated by Oman, noting "progress made in those talks but not finality yet."

“

I think it would be freedom of movement.

Bessent remained upbeat about the economic impact, noting that hundreds of ships are waiting to transit the strait. He anticipated that energy prices would settle down, benefiting the global economy. The Strait of Hormuz is a critical chokepoint, with approximately 20 percent of global oil shipments passing through it prior to recent conflicts.

“

There's been progress made in those talks but not finality yet; we're hoping that will happen very shortly.