Bessent says there may be deal Tuesday or Wednesday to open Strait of Hormuz with 'freedom of movement'
📰 source: cnbc_topnews · 💼 business
treasury secretary scott bessent says the u.s. and iran could reach a deal tuesday or wednesday to reopen the strait of hormuz with freedom of movement for commercial ships. bessent told cnbc the talks are ongoing and there's a chance a deal comes today or tomorrow. u.s. crude futures fell about 3% to below $78 a barrel after his remarks.
bessent said hundreds of ships stuck in the persian gulf should exit if a deal is reached, and that it's not just energy — fertilizer, refined products, and industrial gasses also move through the strait. he called a potential deal a 'big relief trade' as prices drop. president trump said saturday he called off a major attack on iran to allow negotiations to reopen hormuz.
the u.s. and iran signed a memorandum of understanding on june 17 to reopen the strait, but it collapsed over disagreement on which route ships could use. iran had attacked tankers along oman's coast; tehran wants vessels in its territorial waters. washington responded with airstrikes and a naval blockade.
why it matters: a reopening of hormuz could ease energy prices and unlock stuck shipping, hitting oil and industrial goods markets.
source: cnbc_topnews
sentiment: +0.50 · impact: 0.90