Treasury chief: US, Iran could reach Hormuz shipping deal within days

The United States and Iran could reach an agreement on August 4 or 5 to reopen the Strait of Hormuz and restore freedom of navigation for commercial shipping, U.S. Treasury Secretary Scott Bessent said in an interview.

“We are in talks with the Iranians,” Bessent told CNBC’s Squawk Box. “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.”

Asked whether Iran would be permitted to charge transit fees under a potential agreement, Bessent replied: “It would be freedom of movement.”

The comments come after U.S. President Donald Trump said over the weekend that he had called off a major attack on Iran to allow negotiations aimed at reopening the strategic waterway. Trump has previously indicated that a deal with Tehran was within reach, although earlier rounds of diplomacy were followed by renewed fighting.

The United States and Iran signed a memorandum of understanding on June 17 intended to reopen the Strait of Hormuz. Shipping traffic through the waterway briefly increased before the agreement collapsed amid disagreements between Washington and Tehran over the terms for restoring access.

Following the breakdown of the deal, Iran began attacking tankers transiting the Strait of Hormuz along Oman's coast under U.S. military protection. In response, Washington launched more than a dozen waves of airstrikes and reimposed its naval blockade of Iran.

By Sabina Mammadli