What did US Treasury Secretary Scott Bessent say about the timing and substance of a potential US-Iran deal on the Strait of Hormuz?

US Treasury Secretary Scott Bessent stated on CNBC that 'there is a chance we may have a deal today or tomorrow to open the strait,' indicating a possible agreement as soon as Tuesday; he affirmed that such a deal would ensure 'freedom of movement' for ships through the Strait of Hormuz but declined to specify whether Iran would charge tolls, offering no further details on terms.

How did financial markets react to Bessent's remarks, and what recent context surrounds US-Iran negotiations on the Strait of Hormuz?

Oil prices plunged following Bessent’s comments, with Brent futures falling as much as 4% to under $81 a barrel in London trading; this reaction occurred against the backdrop of a collapsed memorandum of understanding between the US and Iran last month that would have reopened the strait, followed by intermittent military strikes and restricted shipping traffic, while former President Trump has repeatedly claimed a deal is imminent—though none has yet materialized.

Bessent Suggests US-Iran Hormuz Deal Possible in Coming Days

Aug 4, 2026

US Treasury Secretary Scott Bessent hinted at a potential deal to reopen the Strait of Hormuz imminently. Following his comments, Brent crude futures dropped nearly 4% to under $81 per barrel.

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Bessent Suggests US-Iran Hormuz Deal Possible in Coming Days

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Bessent Suggests US-Iran Hormuz Deal Possible in Coming Days

FAQ