US Says Iran Deal to Reopen Hormuz Strait Nears
News Desk
Washington: Hopes for easing tensions in the global energy market have increased after US Treasury Secretary Scott Bessent said an agreement with Iran to reopen the Strait of Hormuz could be reached within the next one to two days.
Speaking in an interview with CNBC, Bessent said negotiations between Washington and Tehran were progressing and that both sides were working toward a deal that would restore the free movement of commercial vessels through one of the world’s most important oil shipping routes.
The US official said the proposed agreement would allow commercial ships to pass through the Strait of Hormuz without restrictions, dismissing the possibility of imposing tolls on vessels using the strategic waterway.
Bessent said the reopening of the strait could help stabilize global energy markets, lower oil prices, and ease pressure on international supply chains. He noted that the impact extends beyond crude oil, affecting supplies of fertilizers, refined petroleum products, and industrial gases.
According to Bessent, several vessels have already resumed movement through the area, while hundreds of ships remain waiting to depart. He estimated that around 1,000 ships could benefit from a full reopening of maritime traffic.
Following his remarks, global oil markets reacted positively, with US crude prices falling by around 3 percent to below $78 per barrel. Analysts expect further price reductions if shipping activity returns to normal.
The statement comes amid heightened tensions between the United States and Iran over control and security in the Strait of Hormuz, a vital route through which a significant portion of the world’s energy supplies passes.
US President Donald Trump had earlier said he delayed possible military action against Iran to allow diplomatic efforts aimed at reopening the waterway. However, previous attempts at reaching an understanding have faced setbacks due to disagreements over shipping routes and security arrangements.
Reports indicate that earlier discussions between Washington and Tehran included a memorandum of understanding on reopening the strait, but the arrangement later stalled after disputes emerged over the routes vessels would use.
Both sides are now engaged in renewed talks, with officials suggesting that a successful agreement could mark a significant step toward reducing regional tensions and restoring stability to global energy markets.
