A top U.S. official stated Tuesday that an agreement to reopen the Strait of Hormuz with Iran could be finalized “today or tomorrow,” causing oil prices to drop due to hopes of increased shipping through this critical waterway.
Treasury Secretary Scott Bessent told CNBC, “There’s a chance we might have a deal” in the next few hours, echoing President Donald Trump’s optimistic tone.
Speaking from the White House on Monday, Trump maintained a mix of diplomatic optimism and stern warnings, describing this as Iran’s “last chance before decapitation.”
Since February 28, when the U.S. and Israel launched surprise attacks on Iran, tensions have been high. Despite a ceasefire and preliminary agreements, diplomatic efforts have yet to fully resolve the conflict.
The situation remains volatile: a crew member went missing Tuesday after an attack on a merchant vessel in Hormuz, and an Indian ship sank in the Red Sea following an unknown assault.
The Strait of Hormuz, a vital route for global oil and gas exports, has reignited fighting. Iran aims to control the strait and impose tolls—new moves opposed by the U.S.
Last week, Trump threatened to strike Iran “very hard”—possibly targeting civilian infrastructure—but later pulled back, hinting that a deal was near.
Iran’s foreign ministry denied any ongoing negotiations with Washington, despite Trump’s claims.
Meanwhile, Secretary of State Marco Rubio mentioned that the U.S. is engaged in discussions between Oman and Iran about increasing shipping traffic through the strait.
Oil prices declined sharply, with Brent North Sea Crude dropping over six percent to below $79 a barrel, reflecting renewed hopes for reopening the strait.
Qatar, mediating talks, said diplomatic efforts are ongoing but no direct U.S.-Iran negotiations are scheduled. Its leader, Sheikh Tamim bin Hamad Al-Thani, spoke with Trump by phone Tuesday to discuss de-escalation.
Trump previously predicted he would know by Tuesday whether talks were making progress, emphasizing that the situation is “not very complex.”
U.S. diplomatic goals include reopening Hormuz and ensuring Iran’s denuclearization—a process Trump acknowledged might take some time.
The president previously called Iran “duplicitous” for denying negotiation talks and warned that a U.S. blockade of Iranian ports would persist unless a deal or surrender is reached.
Five months into a costly war, Iran remains capable of launching missiles and drones at U.S. and allied targets, as well as commercial shipping.
Earlier Tuesday, the UK Maritime Trade Operations reported an unidentified projectile struck an unnamed cargo vessel in the Strait of Hormuz, off Oman.
Iran continues to enforce an effective blockade and insists ships must coordinate crossings with Iran.
The turmoil in Hormuz has heightened the importance of alternative shipping routes, particularly through the Red Sea. Iran-backed Houthis in Yemen have declared a maritime blockade against Saudi Arabia, prompting ships to reroute through the southern Red Sea, especially via the Saudi port of Yanbu, to maintain shipments.
Since the Houthis announced the blockade, they have claimed attacks on several ships they allege were in violation. On Tuesday, the Indian vessel MSV Faize Noore Oliya sank off Yemen after an unspecified attack, but all crew members were rescued.
The Red Sea serves as a passage to the Suez Canal. Previously, Houthi attacks during the Gaza conflict led shippers to detour around Africa’s southern tip to avoid threats.
















