The U.S. and Iran May Reach a Deal on the Strait of Hormuz in the Coming Days — Bessent

The U.S. and Iran may reach an agreement to reopen the Strait of Hormuz as early as Tuesday, August 4, or Wednesday, August 5, and ensure freedom of navigation for commercial vessels, the country's Finance Minister Scott Bessent said in an interview with CNBC.

"We are in talks with the Iranian side. There is a chance that today or tomorrow we will reach an agreement on opening the strait and moving toward a more normal resolution of this conflict," he said.

In response to a question about whether Iran would be allowed to charge a toll for the passage of ships, Bessent once again emphasized that the goal is to ensure free movement.

At the same time, Bloomberg reported that an agreement is being drafted to resume negotiations between the U.S. and Iran. The draft resolution “is currently under review by the parties,” an unnamed Qatari official told the agency. Qatar serves as one of the key mediators between Washington and Tehran. The source speaking to Bloomberg cautioned that an agreement has not yet been reached and that no timeline has been set.

Against the backdrop of these statements, U.S. WTI crude oil futures fell by about 3% and were trading below $78 per barrel. Contracts for the benchmark Brent crude also lost about 2.5%, dropping below $82 per barrel.

This news story is being updated.

This article was AI-translated and verified by a human editor