U.S. Treasury Secretary says chance of Hormuz deal with Iran by August 5

Treasury Secretary Scott Bessent said that the United States could reach a deal with Iran to reopen the Strait of Hormuz by Wednesday (August 5, 2026), adding that this would stabilise energy prices.

“We are in talks with the Iranians, and I think there is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalised position in this conflict,” Mr. Bessent said Tuesday (August 4) in an interview with CNBC.

Asked if a deal would allow Iran to charge a toll on shipping using the strait, Mr. Bessent said: “I think it would be freedom of movement.”

Mr. Bessent’s comments echoed those of U.S. President Donald Trump on Monday (August 3), who insisted the waterway could reopen within hours after he pulled back from threats of a massive military strike on Iran over the weekend.

Iran’s Foreign Ministry has denied that negotiations with Washington were taking place, and on Tuesday (August 4), an unknown projectile hit a cargo ship in the Strait of Hormuz, a key point of tension in the U.S.-Iran conflict.

Secretary of State Marco Rubio said Tuesday the United States is “involved” in negotiations between Oman and Iran on increasing traffic through the strait, through which around 20% of global oil shipments passed prior to the war.

“There’s been progress made in those talks but not finality yet; we’re hoping that will happen very shortly,” the top diplomat told journalists.

Mr. Bessent was upbeat on the impact a deal with Iran over the strait would have on energy prices, where he said hundreds of ships are waiting to go out.

“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,” Mr. Bessent said.

“So you know, I’d expect the energy prices to settle back down, which, as I said, will be good for the entire world.”