Bessent says U.S., Iran could reach a deal on Strait of Hormuz within a day or two

Treasury Secretary Scott Bessent on Tuesday said the U.S. and Iran could strike a deal by midweek to reopen the Strait of Hormuz and allow normal shipping through the oil choke point.

Stock futures jumped significantly after Mr. Bessent made the comments in a television interview.

“I think 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,” Mr. Bessent told CNBC.

Mr. Bessent said returning the strait to normal would benefit oil markets and a host of other sectors, including the fertilizer and chemical industries.

The secretary suggested that Iran would not be allowed to charge a toll.

“I think it would be freedom of movement,” Mr. Bessent 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. I’d expect the energy prices to settle back down.”

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Control of the Strait of Hormuz, a channel between Iran and Oman, is a key source of strain between the U.S. and Iran.

Tehran says it should maintain some level of control of the strait. Iranian officials point to provisions in the memorandum of understanding it reached with the U.S. in June.

The American side considers that to be a dead document, however, and says it is time for Iran to allow free movement in the strait.

Mr. Trump and Israel launched strikes against Iran on Feb. 28 with the main goal of constraining its nuclear ambitions, though Iran retaliated by striking U.S. allies in the Gulf region and clamping down on the Strait of Hormuz.

The U.S. and Iran have gone through cycles of negotiation and violence since then.

Mr. Trump on Monday said he is giving diplomacy one last chance before he launches crippling strikes on Iran.

“I want to give them every last chance before decapitation,” Mr. Trump said in the Oval Office. “We’ll see what happens.”

Mr. Trump had been ready to launch a massive attack on Iran over the weekend, only to pull back upon the request of the Saudis and other Gulf partners, who want to mediate a deal with Iran.

“To do an attack that big on a country? I’d rather not do it,” Mr. Trump said. “Hopefully, they’ll come to their senses.”