Hormuz Reopening Deal Could Come Within Days – Scott Bessent
US Treasury Secretary Scott Bessent said an agreement to reopen the Strait of Hormuz with freedom of movement could be reached as early as Tuesday or Wednesday, as negotiations mediated by Oman continued.
Strait of Hormuz Deal Could Be Imminent
Bessent said the proposed agreement would restore commercial shipping through the strategic waterway without Iran imposing tolls or fees on vessels. However, no final deal had been announced at the time of reporting.
The Strait of Hormuz remains heavily restricted, disrupting the movement of oil tankers and other commercial vessels between the Persian Gulf and the Indian Ocean.
Iran has denied holding direct negotiations with Washington, saying discussions are being conducted with Oman. Tehran has described the proposed arrangement as temporary and linked a permanent reopening to wider security guarantees.
Iran and Oman Discuss Shipping Routes
The proposal under discussion would reportedly allow vessels to enter the Persian Gulf through an Iranian-controlled navigation route and leave through waters controlled by Oman.
Iran is seeking advance notification of outbound vessel movements and the authority to intervene over stated security concerns. Oman would oversee exit clearance under the proposed arrangement.
Several political and technical issues remain unresolved, including navigational control, mine clearance and the conditions governing commercial passage. Any final agreement may also require approval from Iran’s Supreme National Security Council and Supreme Leader.
Oil Prices Fall on Hormuz Deal Hopes
Oil prices declined sharply following Bessent’s comments, with traders anticipating the possible resumption of tanker traffic through the waterway.
The Strait of Hormuz normally carries around one-fifth of globally traded oil, making its operation critical to international energy supplies and prices. Prolonged restrictions have delayed shipments, reduced available supply and increased transport risks.
A temporary reopening would allow stranded vessels to resume movement, although full traffic recovery would depend on security guarantees and the removal of navigational hazards.
