The United States could reach an agreement with Iran to reopen the Strait of Hormuz by Wednesday, according to Treasury Secretary Scott Bessent, who believes such a deal would help stabilise global energy prices.

Speaking to CNBC on Tuesday, Bessent said talks with Iranian officials were ongoing. “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,” he said.

When asked whether any agreement would allow Iran to charge a toll on vessels passing through the waterway, Bessent responded that he expected “freedom of movement” instead.

His remarks followed comments by US President Donald Trump on Monday, who suggested the strategic waterway could reopen within hours after stepping back from threats of a major military strike against Iran.

Iran’s foreign ministry has denied that any negotiations with Washington are taking place. On Tuesday, an unidentified projectile struck a cargo ship in the strait, highlighting continued tensions in the region.

Bessent remained optimistic about what a deal could mean for energy markets, noting that hundreds of ships are currently waiting to transit the waterway. “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,” he said.

He added that energy prices would likely settle once the situation normalises, which would benefit the global economy.

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