The U.S. expects to reach an agreement with Iran regarding the Strait of Hormuz in the coming days
The U.S. and Iran may reach an agreement as early as today or tomorrow regarding shipping through the Strait of Hormuz. This was stated by U.S. Treasury Secretary Scott Bessent.
According to him, negotiations are ongoing between the parties to restore normal commercial shipping through the strategically important strait.
“There is a possibility that we could reach an agreement today or tomorrow on opening the strait and moving toward a more normalized situation in this conflict,” Bessent said.
The minister added that the agreement should ensure freedom of navigation and resolve the issue of ships passing through the Strait of Hormuz.
Following his remarks, U.S. oil futures fell by about 4%—to below $77 per barrel. Officials in Washington expect that reopening the strait will contribute to a further decline in global oil prices.
Source: CNBC.
U.S. President Donald Trump stated that the Strait of Hormuz could be fully opened to international shipping as early as August 4. After that, he said, Washington and Tehran will move on to a new phase of negotiations focused on Iran’s nuclear program.
U.S. President Donald Trump also called on American oil companies to immediately lower gasoline prices for consumers. Separately, he criticized Chevron CEO Mike Wirth.
