US Treasury Secretary Bessent: US and Iran May Agree to Reopen Strait of Hormuz by Wednesday

United States Treasury Secretary Scott Bessent has stated that the US and Iran could potentially reach an agreement to reopen the Strait of Hormuz and restore freedom of navigation for commercial ships by Tuesday or Wednesday local time. However, Bessent did not respond directly to questions regarding the application of tariffs in the strait. “We are in talks with the Iranians. There is a possibility we could reach an agreement today or tomorrow (Wednesday) to open the Strait of Hormuz and move towards a more normal situation in this conflict,” Bessent told CNBC on Tuesday. Regarding the potential for Iran to be allowed to charge toll fees in the waterway, Bessent said the agreement would guarantee freedom of navigation in the Strait of Hormuz. “It would be freedom of navigation. Although the situation there has been somewhat tense in recent days, we are seeing quite a few ships moving even now,” Bessent said. Previously, the US had asked Iran to guarantee freedom of navigation in the strategic waterway, while Iran insisted that shipping in its offshore waters must be under its supervision. On Saturday, President Donald Trump called off a planned military strike against Iran following regional mediation efforts. This claim was subsequently denied by Iranian officials, who also dismissed reports that a deal had already been reached to reopen the Strait of Hormuz.