Seoul: U.S. Treasury Secretary Scott Bessent announced on Tuesday that the United States and Iran are on the verge of finalizing an agreement this week to reopen the Strait of Hormuz. This potential deal focuses on ensuring "freedom of movement" within the vital maritime corridor.

According to Yonhap News Agency, Bessent shared these insights during an interview with CNBC amid ongoing concerns about disruptions affecting commercial shipping routes through the strait. This key passageway is essential for the transport of oil, natural gas, fertilizer, and various other commodities. Bessent revealed, "We are in talks with the Iranians," and expressed optimism that a resolution might be reached imminently to normalize the situation in the region.

Bessent clarified that the deal would not involve Iran imposing a toll on ships passing through the strait, emphasizing the importance of "freedom of movement." He also highlighted the economic implications, suggesting that if the stranded ships in the Persian Gulf can move freely, there could be a resultant drop in oil prices. "It's not just energy. It's fertilizer, it's refined products, it is the various industrial gases," Bessent remarked, noting the potential for a significant relief in trade as prices potentially decrease.

Secretary of State Marco Rubio, during a State Department briefing, acknowledged progress in discussions with Iran and Oman concerning the strait. He noted that there are active conversations and negotiations aimed at ensuring the safe passage of more ships in the short term, as longer-term talks focus on denuclearization. Rubio stated, "Suffice it to say there's been progress made in those talks but not finality yet. We're hoping that will happen very shortly."

President Donald Trump also commented on the situation, mentioning that discussions between Washington and Tehran were underway with the goal of reopening the Strait of Hormuz by Tuesday. He described this as "the first phase" of the negotiations, with discussions on Iran's nuclear program constituting the "second phase."