US may have deal with Iran to reopen Strait of Hormuz today or tomorrow, Bessent says

WASHINGTON — The US could lock down a deal with Iran as soon as Tuesday to reopen the Strait of Hormuz and let commercial ships sail freely again, Treasury Secretary Scott Bessent claimed.“We are in talks with the Iranians,” Bessent said on CNBC’s “Squawk Box.” Tuesday morning.“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.”Any deal would restore “freedom of movement” through the key shipping lane, added Bessent, making clear Iran would not be allowed to slap tolls or fees on passing ships.The secretary’s comments sent oil prices sliding, with crude dropping below $77 a barrel as traders bet the waterway could soon reopen.Bessent predicted prices could fall even more once hundreds of ships stuck in the Persian Gulf for months finally get moving.“It’s not just energy.

It’s fertilizer, it’s refined products, it is the various industrial gasses,” he said.“We could see a big relief trade as those prices go down.”Iran on Monday repeatedly denied discussing a deal over the Strait of Hormuz with the US, instead clarifying that Tehran was dealing with neighboring Oman, instead.“To avoid any misunderstanding, it is important to clarify what the current negotiations are about and who they are with.

We are not negotiating with the United States at this time,” Iranian Foreign Ministry spokesman Esmail Baghaei said.“Our negotiations are with Oman and are focused on reaching an understanding on a route that will ensure the safe passage of shipping through the Strait of Hormuz,” he added.Even if a deal is reached, Iran says, it would only be temporary unless what it calls US “aggression” ends.“As long as the US mischief continues, as long as the Iranian sea siege continues, as long as the US military aggression against Iran and its allies continues, there will be no [permanent] change in … Hormuz,” added Baghaei.The potential breakthrough...