U.S. Treasury Secretary says chance of Hormuz deal with Iran by August 5
U.S. Treasury Secretary Scott Bessent expressed optimism regarding a potential deal with Iran to reopen the Strait of Hormuz by August 5, 2026. Despite ongoing tensions and a recent projectile strike on a cargo ship, officials suggest progress is being made to stabilize global energy prices.
Why it matters
The Strait of Hormuz is a critical chokepoint for global oil supplies; any disruption or resolution significantly impacts international energy markets.
Treasury Secretary Scott Bessent said that the United States could reach a deal with Iran to reopen the Strait of Hormuz by Wednesday (August 5, 2026), adding that this would stabilise energy prices.
"We are in talks with the Iranians, and I think there is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalised position in this conflict," Mr. Bessent said Tuesday (August 4) in an interview with CNBC .
Asked if a deal would allow Iran to charge a toll on shipping using the strait, Mr. Bessent said: "I think it would be freedom of movement."
Mr. Bessent's comments echoed those of U.S. President Donald Trump on Monday (August 3), who insisted the waterway could reopen within hours after he pulled back from threats of a massive military strike on Iran over the weekend.
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