Speaking to CNBC’s Squawk Box, Bessent said Washington was in talks with Tehran and expressed optimism that a deal could be reached within days.
“We are in talks with the Iranians. There is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict,” he said.
Bessent said the proposed agreement would ensure free movement of commercial vessels through the Strait of Hormuz, dismissing the possibility of Iran charging ships a toll.
“It would be freedom of movement,” he said. “Even though things are still a little dicey there over the past few days, we saw quite a few ships coming out even now.”
The comments lifted hopes that disruptions to global oil supplies could ease if the waterway remains open to shipping.
Following Bessent’s remarks, US crude oil futures fell about 4%, slipping below $77 a barrel, as traders priced in lower geopolitical risk and reduced concerns over potential supply disruptions.The Strait of Hormuz is one of the world’s busiest energy shipping lanes, with a significant share of global crude oil and liquefied natural gas exports passing through the narrow waterway each day. Any disruption to traffic through the strait typically pushes oil prices higher and raises concerns over global energy supplies.