Bessent: Iran Hormuz Deal Possible by Aug 5
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- Treasury Secretary Scott Bessent told CNBC on August 4 that the U.S. could reach a deal with Iran to reopen the Strait of Hormuz by Wednesday, August 5, 2026, framing the outcome as "freedom of movement" that would stabilize energy prices and release hundreds of waiting ships.
- President Donald Trump said on August 3 the waterway could reopen "within hours," days after pulling back from threats of a massive military strike on Iran.
- Iran's Foreign Ministry denied that negotiations with Washington were taking place, even as U.S. officials described active back-channel talks.
- Secretary of State Marco Rubio confirmed the U.S. is "involved" in Oman-mediated negotiations, saying there has been "progress" but "not finality yet" on restoring traffic through the strait, which carried roughly 20% of global oil shipments before the war.
- An unknown projectile struck a cargo ship in the Strait of Hormuz on August 4, the same day U.S. officials projected confidence about a near-term deal.
Why it matters: With roughly 20% of global oil shipments transiting the strait and hundreds of ships stranded, even a partial reopening could pull down global energy prices and ease pressure on importers. But Iran's public denial of talks — paired with an active strike on a cargo ship in the waterway on the same day Bessent spoke — shows how narrow the diplomatic window is before escalation resumes.
