US, Iran could reach Hormuz deal by Wednesday: Bessent

US Treasury Secretary Scott Bessent said on Tuesday that Washington and Tehran could reach an agreement by Tuesday or Wednesday to reopen the Strait of Hormuz, allowing commercial vessels to resume transit through the vital shipping lane as negotiations continue.

Midweek Agreement Possible

Bessent told CNBC that active negotiations are underway with Iranian officials. "We are in talks with the Iranians," he said. "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." He noted that such an accord would mark a significant step toward de-escalation in the region.

Freedom of Navigation Terms

Responding to questions regarding potential Iranian transit fees, Bessent emphasized that any finalized arrangement would ensure unimpeded passage for all commercial traffic. "It would be freedom of movement," he said. "Even though things are still a little dicey there over the past few days, we saw quite a few ships coming out even now."

Strait Blockade Context

The Strait of Hormuz — a chokepoint for roughly one-fifth of global oil shipments — has been effectively closed since late February when military hostilities erupted between Washington, Israel and Tehran. Commercial traffic through the waterway has dropped sharply over the past two months, disrupting energy markets worldwide.