Seoul: U.S. Treasury Secretary Scott Bessent announced on Tuesday that the United States and Iran are on the verge of reaching an agreement to reopen the Strait of Hormuz, emphasizing that the deal would focus on ensuring "freedom of movement" in this vital maritime corridor.
According to Yonhap News Agency, Bessent shared these insights during an interview with CNBC, highlighting ongoing concerns about war-related disruptions affecting commercial shipping through the strait. This waterway is essential for the global transport of oil, natural gas, fertilizer, and other key commodities.
"We are in talks with the Iranians," Bessent stated during the interview. He further mentioned the potential for an imminent deal, saying, "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."
When questioned about the possibility of Iran imposing a toll on ships passing through the strait, Bessent clarified that the agreement would ensure "freedom of movement." He also noted the potential economic impact, asserting that the release of hundreds of ships currently stranded in the Persian Gulf due to the Middle East conflict could lead to a decrease in oil prices.
Bessent also highlighted the broader implications, stating, "It's not just energy. It's fertilizer, it's refined products, it is the various industrial gases. We could see a big relief trade as those prices go down."
In a related development, Secretary of State Marco Rubio acknowledged progress in negotiations with Iran and Oman regarding the strait. He expressed optimism about reaching a resolution soon, as quoted by CBS News: "There's been progress in those talks, but not finality yet. We're hoping that happen very."
Adding to the discourse, President Donald Trump mentioned on Monday that discussions between Washington and Tehran aim for the strait's reopening "literally" by Tuesday. He characterized the reopening as "the first phase," with subsequent talks on Iran's nuclear program to follow as the "second phase."