Bessent says Strait of Hormuz deal could come Tuesday or Wednesday

Treasury Secretary Scott Bessent said a Bessent Strait of Hormuz deal could be reached Tuesday or Wednesday, potentially allowing commercial ships to move through the waterway with what he called “freedom of movement.” For investors watching oil and broader market risks, the key point is that no agreement had been announced: Bessent described a possibility, not a completed diplomatic breakthrough.

“We are in talks with the Iranians,” Bessent said in an interview on CNBC’s Squawk Box, according to CNBC. He said there was “a chance” of a deal that day or the following day that would open the strait and help move the conflict toward a more normal footing.

The comments put a near-term timetable on negotiations between the U.S. and Iran, while leaving the central details unresolved. The available reporting does not establish the final terms of any agreement, how it would be enforced, whether Iran had accepted it, or when shipping conditions would change.

What would a Strait of Hormuz agreement mean for commercial ships?

Bessent’s stated goal was freedom of movement for commercial vessels, meaning ships could pass through the strait without the disruption at issue in the negotiations. That is the intended scope he described, rather than a published operating plan or a confirmed guarantee for specific shipowners.

He also said commercial activity had not stopped entirely. Bessent told CNBC that conditions had been “a little dicey” in recent days, but that a substantial number of ships were still coming out of the waterway, Kurdistan24 reported.

The Strait of Hormuz is a narrow maritime route at the mouth of the Persian Gulf and a major passage for oil, natural gas and other commerce. Its importance extends beyond the region: disruption can affect energy markets and supply chains, which can in turn add uncertainty for consumers and companies that depend on fuel and transported goods.

Earlier reporting by The Hill described the strait as a point of dispute between Washington and Tehran during talks connected to the conflict. The outlet reported in May that Bessent had said the U.S. would oppose efforts to impose a tolling system in the waterway. Those earlier remarks do not confirm the status of the prospective arrangement Bessent discussed on CNBC.

For now, Bessent’s comments amount to a conditional update from the negotiations. A deal would need to be announced and its terms made public before readers can assess what access commercial shipping would actually have through the strait.

This story draws on original reporting from CNBC.