WASHINGTON: The United States expects to reach an agreement with Iran within the next 24 to 48 hours that could lead to the full reopening of the Strait of Hormuz for commercial shipping, US Treasury Secretary Scott Bessent said on Tuesday.
In an interview with CNBC, Bessent said US officials remain in contact with Iranian counterparts and are hopeful an agreement could be finalized “today or tomorrow.” If reached, the deal would restore unrestricted maritime traffic through the strategic waterway, a key route for global oil shipments.
Bessent said the proposed arrangement would ensure freedom of navigation and would not allow Iran to impose tolls or transit fees on commercial vessels using the Strait.
Iran has not immediately commented on Bessent’s remarks. Tehran has previously maintained that it is not engaged in direct negotiations with Washington, although indirect contacts have been acknowledged by regional mediators.
The comments came after US President Donald Trump confirmed that negotiations with Iran were underway.
Qatar has also said indirect diplomatic contacts between the two countries are continuing, with draft proposals circulating among the parties.
Qatari Foreign Ministry spokesman Majed Al Ansari said Qatar and Oman are facilitating the exchange of proposals to help revive negotiations. Media reports have indicated that Oman is mediating discussions over arrangements governing navigation through the Strait of Hormuz.
According to the reports, Iran is seeking certain administrative authorities over inbound and outbound shipping lanes, while the United States insists that international commercial navigation must remain uninterrupted and free from transit charges.
Oil prices fell sharply following reports of potential progress in the negotiations, as investors anticipated that a reopening of the Strait could ease concerns over global energy supplies.
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A successful agreement could also pave the way for broader diplomatic engagement between Washington and Tehran.
