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US, Iran May Reach Deal This Week to Reopen Strait of Hormuz - Treasury Secretary

Agreement Could Lead to 'Freedom of Movement' in Key Shipping Route, Impacting Oil and Commodity Prices

Strait of Hormuz US-Iran Relations Oil Prices

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US Treasury Secretary Scott Bessent states the US and Iran may finalize a deal by the end of the week to reopen the Strait of Hormuz, ensuring 'freedom of movement' for ships, which could lead to decreased oil and commodity prices as stranded vessels exit the Persian Gulf.

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The Strait of Hormuz has been a point of contention due to the Middle East war, disrupting global commodity shipping.

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By Song Sang-ho WASHINGTON, Aug. 4 (Yonhap) -- U.S. Treasury Secretary Scott Bessent said Tuesday that the United States and Iran could reach a deal this week to reopen the Strait of Hormuz, noting that the deal would be about "freedom of movement" in the crucial waterway.

Bessent made the remarks in a CNBC interview as concerns have persisted over continuing war-related disruptions to commercial shipping through the strait, a key shipping route for oil, natural gas, fertilizer and other commodities.

"We are in talks with the Iranians," he was quoted as saying in the interview. "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 added.

Asked whether Iran would be allowed to impose a toll on ships transiting the strait, Bessent said, "It would be freedom of movement."

The secretary noted that if hundreds of ships stranded in the Persian Gulf due to the Middle East war are able to exit, oil prices should fall further.

"It's not just energy. It's fertilizer, it's refined products, it is the various industrial gasses," he said. "We could see a big relief trade as those prices go down."

On Monday, President Donald Trump said that Washington and Tehran are in talks over the reopening of the Strait of Hormuz "literally" by Tuesday, describing the opening of the strait as "the first phase" and discussions on Iran's nuclear program as the "second phase."