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The U.S. and Iran could reach a deal on Tuesday or Wednesday to reopen the Strait of Hormuz with freedom of movement for commercial ships, Treasury Secretary Scott Bessent said in an interview.
"We are in talks with the Iranians," Bessent told CNBC's "Squawk Box." "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."
"It would be freedom of movement," the Treasury secretary said when asked whether Iran would be allowed to charge a toll.
U.S. crude oil futures fell nearly 6% to trade below $76 per barrel. Prices should drop further when hundreds of ships stuck in the Persian Gulf are able to exit, Bessent said.
"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."
Secretary of State Marco Rubio said the U.S. is involved in talks between Oman and Iran on how more ships can pass through Hormuz in the short term.
"There's been progress made in those talks but not finality yet," Rubio told reporters at the State Department. "We're hoping that will happen very shortly."
President Donald Trump said Saturday that he called off a major attack on Iran to allow for negotiations to reopen Hormuz. Trump has in the past repeatedly teased a deal to resolve the war only for fighting with Tehran to escalate again.
The U.S. and Iran signed a memorandum of understanding on June 17 to reopen the strait. Ship traffic through Hormuz briefly rebounded before the deal collapsed due to disagreement between Washington and Tehran on which route ships could use to transit the strait.
Iran began attacking tankers that transited Hormuz along Oman's coast under U.S. military protection. Tehran wants vessels to sail through its territorial waters when using the strait. Washington launched more than a dozen waves of airstrikes and reimposed its naval blockade on Iran in retaliation.
