A deal between the United States and Iran to reopen the Strait of Hormuz could be reached within the next two days, according to US Treasury Secretary Scott Bessent. “We are in talks with the Iranians, and I think there is a chance we may have a deal today or tomorrow to open the Strait and move towards a more normalised position in this conflict,” Bessent said in an interview with CNBC, adding that the agreement would ensure “freedom of movement” through the strategic waterway.
He said that hundreds of ships are waiting to go out, adding, “Even though things are still a little dicey there over the past few days, we saw quite a few ships coming out even now.” “So, you know, I’d expect the energy prices to settle back down, which, as I said, will be good for the entire world,” he added.
Around one-fifth of the total oil trade happened through the Strait of Hormuz before the Iran war. Roughly 15 million barrels of Persian Gulf oil were shipped each day through the Strait of Hormuz. However, since the US-Israel-Iran war began on February 28, the maritime traffic through the narrow strait has been severely impacted.
Meanwhile, US Secretary of State Marco Rubio said there has been “progress made … but not finality” on an agreement for free transit through the Strait of Hormuz. He expressed hope that such an agreement “will happen shortly”.
US President Donald Trump on Monday said the two sides are resuming talks to wind down the war after weeks of tensions. But Iran insisted it only was talking with Oman and the discussion focused on the Strait of Hormuz.
Trump said that newly planned talks with Tehran are the “last chance” for Iran to forge a deal and avoid an escalation of US strikes on the country. Trump, speaking at the Oval Office, said he expects negotiations that will reopen the Strait of Hormuz and create a pathway for Iran to address United States’ concerns about it’s nuclear program will begin in the next day or two.
Amid the US-Israel war against Iran, the UN has noted that following attacks on commercial vessels from July 6, Iran declared the Strait of Hormuz closed again on July 11. Daily transits, which exceeded 100 before the conflict and had recovered to 49 by July 7, fell to as low as 8-15 by mid-July, the UN Economic and Social Commission for Asia and the Pacific has said.