CNBC
Strait of Hormuz may open Tue or Wed post US-Iran talk-US treasury secy
This story was originally published at 19:46 IST on 4 August 2026
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--CNBC: US Treasury Secy Bessent says Hormuz deal likely Tue or Wed
--CNBC: Bessent says US, Iran in talks for free movement in Hormuz strait
NEW DELHI – Iran is likely to allow the free movement of cargoes through the Strait of Hormuz starting Tuesday or Wednesday as part of a deal, CNBC reported quoting US Treasury Secretary Scott Bessent as saying. The US and Iran are currently in talks for reopening the Strait, as per the report.
"There is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalised position in this conflict," Bessent said in an interview to CNBC. On being asked whether Tehran would charge a toll, he said that the deal would allow "freedom of movement" in the strait. "Even though things are still a little dicey there over the past few days, we saw quite a few ships coming out even now," the treasury secretary added.
The Strait of Hormuz has been shut for movement of commercial ships with the outbreak of the war between the US, Israel, and Iran on Feb. 28. Since then, Brent crude oil prices soared to as high as $122.53 per barrel, before retreating to an almost pre-war level of sub-$72 per barrel on the announcement of peace talks late last month.
With a deal being negotiated to reopen the Strait, Bessent said he expects crude oil prices to fall further from the current levels, according to CNBC. At 1825 IST, Brent crude oil futures for October delivery were trading at $81.88 per barrel. End
US$1 = INR 95.38
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Shweta
Edited by Deepshikha Bhardwaj
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