U.S. Treasury Secretary sees possible Hormuz reopening deal by early August

U.S. Treasury Secretary Scott Bessent told one outlet that negotiations with Iran could yield a pact to reopen the Strait of Hormuz as early as August 5, a move he believes would stabilize global oil prices. He emphasized that any settlement would preserve freedom of movement for ships, rejecting the notion of a toll system. Bessent’s optimism mirrors President Donald Trump’s statement the day before, in which the president said the waterway could be reopened within hours after he stepped back from a threatened massive strike.

Iran’s Foreign Ministry, however, has publicly denied that any talks are taking place. The region remains volatile, underscored by an incident on August 4 when an unidentified projectile struck a cargo ship in the strait. Bessent noted that despite recent uncertainty, dozens of vessels have begun to move, suggesting a potential easing of the energy price surge that has affected markets worldwide.