WASHINGTON — The US could lock down a deal with Iran as soon as Tuesday to reopen the Strait of Hormuz and let commercial ships sail freely again, Treasury Secretary Scott Bessent claimed.
“We are in talks with the Iranians,” Bessent said on CNBC’s “Squawk Box.” Tuesday morning. “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.”

Any deal would restore “freedom of movement” through the key shipping lane, added Bessent, making clear Iran would not be allowed to slap tolls or fees on passing ships.

The secretary’s comments sent oil prices sliding, with crude dropping below $77 a barrel as traders bet the waterway could soon reopen.

Bessent predicted prices could fall even more once hundreds of ships stuck in the Persian Gulf for months finally get moving.

President Donald Trump, Vice President JD Vance and Treasury Secretary Scott Bessent arrive for the funeral of Sen. Lindsey Graham, R-S.C., at the Washington National Cathedral on Tuesday, July 28, 2026, in Washington. (Copyright 2026 The Associated Press. All rights reserved) AP Photo/Alex Brandon

“It’s not just energy. It’s fertilizer, it’s refined products, it is the various industrial gasses,” he said. “We could see a big relief trade as those prices go down.”

Iran on Monday repeatedly denied discussing a deal over the Strait of Hormuz with the US, instead clarifying that Tehran was dealing with neighboring Oman, instead.

“To avoid any misunderstanding, it is important to clarify what the current negotiations are about and who they are with. We are not negotiating with the United States at this time,” Iranian Foreign Ministry spokesman Esmail Baghaei said.

“Our negotiations are with Oman and are focused on reaching an understanding on a route that will ensure the safe passage of shipping through the Strait of Hormuz,” he added.

Even if a deal is reached, Iran says, it would only be temporary unless what it calls US “aggression” ends.

A vessel is anchored off the coast of Sharjah in the United Arab Emirates on Monday, August 3, 2026. Iran’s foreign ministry said there were currently no negotiations with the United States but talks were taking place with Oman on management of the strategic Strait of Hormuz. (AFP or licensors) AFP via Getty Images

“As long as the US mischief continues, as long as the Iranian sea siege continues, as long as the US military aggression against Iran and its allies continues, there will be no [permanent] change in … Hormuz,” added Baghaei.

The potential breakthrough comes after President Trump said over the weekend he had called off a major strike on Iran to give diplomacy one last shot.

About one-fifth of the world’s oil passes through the Strait of Hormuz, and weeks of fighting have snarled shipping and rattled global markets.

The US and Iran signed a memorandum of understanding on June 17 that would have reopened the strait, but the tentative deal quickly fell apart over where ships would sail.

Iran wanted vessels to pass through its own waters, while the US insisted on open access throughout the international shipping route.

After the talks collapsed, Iran attacked tankers sailing near Oman’s coast under US protection. The US answered with 13 consecutive days of airstrikes and reinstituted its naval blockade of Iran’s ports.