US Treasury Secretary Scott Bessent said on Tuesday that an agreement with Iran to reopen the Strait of Hormuz could be reached as early as Wednesday.
Speaking to CNBC, Bessent said he expected energy prices to stabilise and begin falling once the anticipated agreement was announced.
The Treasury secretary also said he had observed a significant number of vessels leaving the Strait of Hormuz, including ships currently moving through the strategic waterway.
His comments echoed remarks by US President Donald Trump on Monday, when he suggested the strait could reopen within hours after stepping back from threats to launch a large-scale military strike against Iran.
Iran’s Foreign Ministry, however, has denied that negotiations with Washington are currently taking place.
Later on Tuesday, Iran reportedly presented a temporary plan to manage shipping through the Strait of Hormuz in coordination with Oman.
Reuters cited a senior Iranian official as saying the proposed arrangement would give Tehran “full control” over inbound maritime traffic.
The official said Iran was unlikely to accept any alternative mechanism for reopening the strait.
Iranian Foreign Ministry spokesman Esmail Baghaei said on Monday that Tehran was holding discussions with Oman on establishing a new route through the Strait of Hormuz.
The proposed system would consist of a single route containing separate lanes for vessels entering and leaving the waterway.
The Strait of Hormuz is one of the world’s most important energy shipping routes, and disruptions there can have an immediate impact on global oil and gas markets.
