U.S. crude oil futures tumbled following remarks from Treasury Secretary Scott Bessent suggesting that an agreement with Iran could reopen the Strait of Hormuz to commercial shipping within days.
In an interview with CNBC’s “Squawk Box,” Bessent said negotiations with Iranian officials are underway and that a deal could materialize as soon as Tuesday or Wednesday. The potential agreement would establish freedom of movement through the strategic waterway, which serves as a vital chokepoint for global oil shipments.
“We are in talks with the Iranians,” Bessent told CNBC. “There is a chance we may have a deal today or tomorrow to open the Strait and move towards a more normalized position in this conflict.”
Freedom of Movement, No Tolls
When asked specifically whether Iran would be permitted to charge a toll for passage through the strait, Bessent clarified that the proposed arrangement would allow unrestricted movement for commercial vessels.
“It would be freedom of movement,” the Treasury Secretary said, adding that some ships have already begun transiting the area despite ongoing tensions. “Even though things are still a little dicey there over the past few days, we saw quite a few ships coming out even now.”
Market Reaction
Oil markets responded swiftly to the news. U.S. crude oil futures fell approximately 4%, dropping to trade below $77 per barrel in the immediate aftermath of Bessent’s comments.
The Strait of Hormuz, which lies between Iran and the Arabian Peninsula, is one of the world’s most important oil transit routes. Roughly one-fifth of global petroleum passes through the narrow waterway, making any disruption a significant concern for energy markets and the broader global economy.
The potential easing of tensions and reopening of the strait would likely alleviate supply concerns that have supported oil prices in recent sessions. Energy traders have been closely monitoring developments in the region, with any threat to shipping through the strait typically triggering upward pressure on crude prices.
While Bessent’s remarks point toward diplomatic progress, he acknowledged that conditions remain uncertain. The Treasury Secretary’s characterization of the situation as “still a little dicey” suggests that challenges persist despite the ongoing negotiations.
The timing of a potential deal remains fluid, and market participants will be watching closely for any official announcements from Washington or Tehran in the coming days.
Source: www.cnbc.com — https://www.cnbc.com/2026/08/04/bessent-says-there-may-be-deal-tuesday-or-wednesday-to-open-strait-of-hormuz-with-freedom-of-movement.html
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