Seoul: U.S. Treasury Secretary Scott Bessent announced on Tuesday that the United States and Iran might finalize a deal this week to reopen the Strait of Hormuz. The agreement, as highlighted by Bessent, would focus on ensuring "freedom of movement" within this vital maritime corridor.

According to Yonhap News Agency, Bessent made these remarks during an interview with CNBC amid ongoing concerns about war-related disruptions to commercial shipping through the strait. This key route is essential for the transportation of oil, natural gas, fertilizer, and various other commodities.

"We are in talks with the Iranians," Bessent stated in the interview, emphasizing the possibility of reaching an agreement by today or tomorrow to facilitate the reopening of the strait and move towards easing the conflict.

When questioned about Iran's potential to impose a toll on ships passing through the strait, Bessent clarified that the focus would remain on ensuring "freedom of movement."

Bessent also pointed out that the release of stranded ships in the Persian Gulf could lead to a decrease in oil prices. He remarked on the broader economic impact, stating, "It's not just energy. It's fertilizer, it's refined products, it is the various industrial gasses," suggesting that a significant relief in trade could occur as prices decline.

On the preceding Monday, President Donald Trump indicated that discussions between Washington and Tehran were underway regarding the reopening of the Strait of Hormuz, possibly by Tuesday. Trump described this reopening as "the first phase," with further discussions on Iran's nuclear program anticipated as the "second phase."