U.S. Treasury Secretary Scott Bessent said today that a deal to reopen the Strait of Hormuz could be reached as early as Tuesday or Wednesday, with a guarantee of "freedom of movement" for commercial maritime traffic. The news, reported by multiple financial outlets, sent oil prices tumbling 4%.
"We could have a deal with Iran tomorrow to open the Strait of Hormuz," Bessent told reporters, according to CNBC. The official added that the agreement would ensure "freedom of movement" through one of the world's most strategic shipping routes, through which roughly a quarter of global oil transits.
Qatar has signaled progress in talks between Washington and Tehran, fueling market optimism. President Donald Trump had previously warned Iran about the negotiations, calling the situation a "last chance" for the regime.
Meanwhile, the Treasury Department announced new sanctions against Iran's Strait of Hormuz extortion network. OFAC (Office of Foreign Assets Control) designated two firms involved in an Islamic Revolutionary Guard Corps (IRGC)-backed extortion scheme that forces commercial vessels to purchase mandatory maritime insurance to transit the strait. "With its economy in freefall and inflation in the triple digits, the regime is desperate for cash," Bessent said in the official Treasury press release. "The United States will not allow Iran to hold global commerce hostage."
The Treasury action targeted the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, both linked to the IRGC. The U.S. also sanctioned eight vessels from Iran's "shadow fleet" that have transported millions of barrels of Iranian crude to China and other markets. Since the beginning of the year, the U.S. has sanctioned over 100 vessels linked to Iran's shadow fleet.
The Strait of Hormuz, situated between Iran and Oman, is the critical chokepoint for oil transport from the Persian Gulf. Any disruption to traffic in this area has immediate effects on global energy prices. The prospect of a deal therefore triggered a significant drop in crude prices, with WTI losing approximately 4% in early trading.
Sources
- [US Treasury - Press Release sb0581](https://home.treasury.gov/news/press-releases/sb0581)
- [CNBC - Bessent says deal may be reached Tuesday or Wednesday](https://www.cnbc.com/2026/08/04/bessent-iran-hormuz-deal.html)
- [Bloomberg - Qatar signals progress toward deal](https://www.bloomberg.com/news/articles/2026-08-04/bessent-iran-hormuz-deal)
