Bessent Eyes US-Iran Hormuz Deal by Wednesday
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- Scott Bessent told CNBC on Tuesday (August 4, 2026) that the U.S. could reach a deal with Iran to reopen the Strait of Hormuz by Wednesday, August 5, which he said would stabilize energy prices
- Iran's Foreign Ministry denied that negotiations with Washington were taking place, even as an unknown projectile struck a cargo ship in the strait the same day
- Secretary of State Marco Rubio confirmed the U.S. is "involved" in Oman-mediated talks on increasing traffic through the strait, through which roughly 20% of global oil shipments previously passed
- Donald Trump said Monday the waterway could reopen "within hours" after pulling back from threats of a massive military strike on Iran over the weekend
- Asked whether Iran could charge a toll on shipping, Bessent said it would amount to "freedom of movement," adding that hundreds of ships are currently waiting to transit
Why it matters: The Strait of Hormuz previously carried about 20% of global oil shipments, so a reopening directly feeds into the energy-price relief Bessent is selling to markets. The contradiction between U.S. optimism, Iran's outright denial, and an active projectile strike on a cargo ship in the waterway means any deal is at best a fragile de-escalation rather than a settled settlement.
