US Treasury boss claims Hormuz deal with Iran set for Wednesday

U.S. Treasury Secretary Scott Bessent announced Tuesday that Washington is close to reaching a deal with Tehran to reopen the strategic Strait of Hormuz by Wednesday, a development that could stabilize global energy markets. According to Bessent, discussions with Iranian officials are ongoing, and a resolution appears likely within the next two days. The potential agreement would mark a shift toward normalizing relations over the contentious waterway, which has been a focal point of escalating tensions between the United States and Iran. Bessent spoke during an interview with CNBC, emphasizing that the administration believes a deal can be finalized either today or tomorrow. He stated that such an outcome would restore free passage for commercial vessels through the strait, ensuring uninterrupted maritime traffic. This comes amid growing concerns over rising oil prices, as hundreds of tankers remain stranded due to the ongoing standoff. Bessent noted that despite recent volatility, several ships had already begun departing the area, suggesting progress in easing the crisis. The U.S. stance aligns with remarks made earlier by President Donald Trump, who asserted that the strait could be reopened within hours following his decision to halt plans for a large-scale military strike on Iran. Trump’s intervention appeared to ease some immediate pressures, although the situation remains fragile. Bessent’s optimism reflects broader hopes that diplomatic engagement might prevent further escalation, particularly given the economic ramifications of prolonged blockades. In contrast, Iran’s Foreign Ministry has categorically rejected reports of active negotiations with the United States. A spokesperson for the ministry stated that no formal dialogue with Washington is underway, underscoring the deep mistrust between the two nations. Meanwhile, a mysterious projectile struck a cargo vessel near the Strait of Hormuz on Tuesday, adding another layer of uncertainty to the region. The incident, which occurred in one of the most sensitive areas of the Persian Gulf, highlights the continued risks associated with the current geopolitical climate. Despite these challenges, Bessent expressed confidence that resolving the dispute would lead to a stabilization of global energy prices. He pointed to the gradual resumption of maritime activity as evidence that the situation is improving. “Even though things are still a little dicey there over the past few days, we’ve seen quite a few ships coming out even now,” he remarked. This cautious optimism suggests that while a full normalization of access to the strait may take time, the immediate outlook is beginning to improve. The potential reopening of Hormuz would represent a major turning point in the U.S.-Iran relationship, offering a rare opportunity for de-escalation. However, the path forward remains uncertain, with both sides operating under conflicting narratives. While American officials emphasize diplomacy and economic interests, Iranian leaders continue to frame their actions as defensive measures against perceived aggression. As the deadline approaches, the international community watches closely, aware that the stability of global energy markets hinges on the success of these efforts.