US Treasury Secretary Scott Bessent has stated that the United States and Iran could reach an agreement on the control of the Strait of Hormuz as early as Tuesday. In an interview, Bessent expressed: "We are negotiating with the Iranian side, and I believe a deal to reopen the Strait of Hormuz is possible within today or tomorrow." When asked if the agreement would include Iran charging tolls for ships passing through this critical waterway, Bessent replied: "I think it will remain free for passage," though he did not provide further specifics. Bessent noted: "Although the situation in the region has remained somewhat tense over the past few days, we are already seeing a considerable number of vessels moving out." "The impact is not limited to energy; it includes fertilizers, refined products, and various industrial gases. As related prices decline, the market may experience a significant risk relief rally."
Following Bessent's remarks, oil prices dropped sharply. As of press time, Brent crude futures fell 2.82% to $81.41 per barrel, briefly dipping below $81; WTI crude futures declined 3.68% to $77.38 per barrel. A previous memorandum of understanding between the US and Iran, aimed at reopening the Strait of Hormuz, collapsed last month. Since then, intermittent attacks between the two sides have led to renewed restrictions on shipping activity in the strait. Despite Trump's repeated statements that a deal on the waterway was imminent, it has not yet been realized.
According to a report citing a senior Iranian source on August 4, Iran and Oman are discussing plans to reopen shipping in the Strait of Hormuz, with Iran seeking to control inbound traffic through the strait under this proposal. Iranian Foreign Ministry Spokesperson Baghaei stated on August 2 that Iran and Oman are working to delineate a new shipping route in the Strait of Hormuz within the framework of a traffic separation scheme, ensuring the sovereign rights of both parties and Iran's national interests and security. The report indicates that Iran would also monitor outbound vessels through the strait and possess the capacity to intervene when necessary. The source stated: "This is the general idea of the plan currently under discussion; Oman will release outbound vessels after notifying Iran." The source also added: "It is unlikely that Iran will change its stance. Iran is unlikely to accept any other alternative plan for reopening the Strait of Hormuz."
Additionally, Qatar, one of the main mediators between the US and Iran, has announced that a draft potential agreement aimed at restoring negotiations between the two countries has been formed. Mediators are currently promoting a short-term solution to de-escalate tensions. A Qatari spokesperson stated on Tuesday that a proposed solution is "being circulated among the parties." However, he emphasized that no final agreement has been reached yet and declined to provide a specific timeline. The spokesperson said the current focus is on finding a short-term path to avoid further escalation. It remains unclear whether Qatar is referring to the agreement between Iran and Oman regarding allowing more ships to pass through the Strait of Hormuz.
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