US Treasury Secretary: US and Iran may reach an agreement on reopening the Strait of Hormuz on Tuesday or Wednesday

US Treasury Secretary Scott Bessent said on Tuesday that the United States and Iran could reach an agreement to reopen the Strait of Hormuz on Tuesday or Wednesday.

In an interview with CNBC, he said, “We are currently in talks with the Iranians, and I believe there is a chance of reaching an agreement today or tomorrow to open the strait and move toward a more normalized situation in this conflict.”

When asked whether Iran would be allowed to impose fees on ships transiting the Strait of Hormuz, he replied, “There will be freedom of navigation.”

He added that prices would fall further once hundreds of ships stranded in the Gulf are able to depart, noting that the impact is not limited to energy alone, but extends to fertilizers, refined petroleum products, and industrial gases.

He told reporters, “So, the final agreement is the dismantling of Iran’s nuclear program. I believe the urgent agreement that many are focusing on is the strait agreement.”

He added that no final agreement has yet been reached regarding the Strait of Hormuz, but “we hope it will happen very soon.”

Iranian officials have not yet commented on these remarks.