US Confident Strait of Hormuz Will Reopen, Claims Deal with Iran to Be Concluded Tomorrow

US Treasury Secretary Scott Bessent has stated that the United States could reach an agreement with Iran to reopen the Strait of Hormuz by Wednesday. He believes the deal would stabilise energy prices.

“We are in negotiations with Iran, and I think there is a possibility we could reach a deal today or tomorrow to open the strait and move towards a more normal position in this conflict,” Bessent said during a CNBC interview on Tuesday, as reported by AFP.

When asked whether the agreement would allow Iran to charge tolls on shipping using the strait, Bessent alluded to “freedom of movement” for transiting the waterway. “I think it will be freedom of movement,” he said.

Bessent’s remarks followed President Donald Trump’s assertion on Monday that the waterway could be reopened within hours after he withdrew threats of a massive military strike against Iran. Meanwhile, Iran’s Foreign Ministry denied that negotiations with Washington were taking place, as an unidentified projectile struck a cargo ship in the Strait of Hormuz, a key flashpoint in the US-Iran conflict.

Bessent was optimistic about the impact a deal would have on energy prices, noting that hundreds of vessels are waiting to sail. “Although the situation has been somewhat precarious in recent days, we have seen quite a few ships sailing even now,” he said. “So, I expect energy prices to return to stability, which, as I said, will be good for the entire world.”

President Trump had earlier announced the cancellation of new military strikes to allow room for diplomatic channels, while insisting that pressure on Tehran would continue until “a deal or total surrender” is achieved. He said the decision was made following requests from several Middle Eastern allies, adding that the framework under discussion includes the full reopening of the Strait of Hormuz and the elimination of Iran’s nuclear threat.