U.S. and Iran may reach Strait of Hormuz deal this week, Bessent says
US-Iran Strait of Hormuz talks could reopen shipping and calm oil markets See what the deal may mean for freight, fuel, and global supply costs
Treasury Secretary Scott Bessent said the United States and Iran could reach an agreement on Tuesday or Wednesday to reopen the Strait of Hormuz and allow commercial shipping to move through the waterway freely.
Speaking on CNBC's Squawk Box, Bessent said talks were underway with Iranian officials and suggested the deal could help normalize the situation in the conflict. He added that lower shipping disruption could ease pressure on prices for oil and other goods, including fertilizer and industrial gases.
Secretary of State Marco Rubio also said the U.S. is involved in discussions through Oman on how more ships can pass through the strait in the near term. President Donald Trump has said he delayed a major attack on Iran to give negotiations room to continue.