Bessent says a Hormuz reopening deal could come Tuesday or Wednesday as US crude falls below $78

US Treasury Secretary Scott Bessent said on Tuesday, 4 August 2026 (13 Mordad 1405), in an interview with CNBC's "Squawk Box" that the United States and Iran could reach a deal on Tuesday or Wednesday to reopen the Strait of Hormuz with freedom of movement for commercial ships. "We are in talks with the Iranians," he said, adding that a deal could move the conflict toward a more normalised position. Asked whether Iran would be allowed to charge a toll, Bessent said it would be "freedom of movement."

After his remarks, US crude oil futures fell about 3% to trade below $78 per barrel. Bessent said he expects prices to fall further once hundreds of ships stuck in the Persian Gulf are able to exit, and noted the issue is not only energy but also fertiliser, refined products and various industrial gases.

The United States and Iran signed a memorandum of understanding on 17 June to reopen the strait, and ship traffic briefly rebounded before the deal collapsed over disagreement on how the strait should open. President Donald Trump said over the weekend that he had called off a major attack on Iran to allow for negotiations.