Treasury Secretary Scott Bessent stated on Tuesday, August 4th, 2026, that the United States and Iran could reach a deal by midweek to reopen the Strait of Hormuz and allow normal shipping through the vital oil passage. "I think 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," Bessent said.
He noted that despite recent tensions, "we saw quite a few ships coming out even now," indicating some ongoing maritime activity. Bessent emphasized that returning the strait to normal operations would benefit oil markets and other sectors such as fertilizer and chemical industries. He also suggested that Iran would not be permitted to charge a toll for passage.
The Strait of Hormuz, a narrow channel between Iran and Oman, is a critical chokepoint for global oil shipments and a significant source of tension between the U.S. and Iran. The conflict escalated after the U.S. imposed sanctions aimed at constraining Iran's nuclear ambitions, leading Iran to retaliate by targeting U.S. allies in the Gulf and restricting access to the strait.
Earlier, on Monday, President Trump said he was giving diplomacy "one last chance" before launching crippling strikes on Iran, underscoring the urgency of the situation.
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