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Treasury Secretary Scott Bessent said the United States and Iran may be close to an agreement that would reopen the Strait of Hormuz to commercial vessels, a development that could quickly cool one of the most dangerous pressure points in global energy markets.

Bessent told CNBC that talks with Tehran are active and could produce a deal as soon as Tuesday or Wednesday, raising hopes that shipping traffic through the vital waterway could begin moving normally again.

“We are in talks with the Iranians,” Bessent told CNBC’s “Squawk Box.” “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.”

The Strait of Hormuz is one of the most important chokepoints in the world economy, carrying huge volumes of crude oil, refined fuel, industrial inputs and other goods tied directly to inflation and growth.

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Markets reacted almost immediately to Bessent’s comments, with US crude oil futures dropping about 3 percent and trading below $78 per barrel after the interview.

That price move reflected a simple reality for traders. If ships trapped in the Persian Gulf can leave and new cargoes can pass without interference, the risk premium built into energy prices could start to unwind.

Bessent made clear that any agreement under discussion would not give Iran the ability to turn the strait into a toll booth for global commerce. “It would be freedom of movement,” the Treasury secretary said when asked whether Iran would be allowed to charge a toll.

That distinction matters because the issue is not merely diplomatic wording. It is about whether a hostile regime can extract payments, dictate routes or use commercial shipping as leverage against energy consumers and industrial supply chains.

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Bessent said the relief from a reopening would go beyond crude oil. “It’s not just energy. It’s fertilizer, it’s refined products, it is the various industrial gasses,” he said.

“We could see a big relief trade as those prices go down,” he added, pointing to the broad market impact that could follow if the backlog of ships begins to clear.

President Donald Trump said Saturday that he had called off a major attack on Iran to give negotiations over Hormuz a chance. The decision put diplomacy back at center stage, at least temporarily, after a cycle of threats, military action and renewed shipping disruptions.

Trump has previously suggested that a deal with Tehran was possible, only for tensions to flare again. That history leaves markets cautious, even as oil prices moved lower on Bessent’s more optimistic assessment.

The United States and Iran had already signed a memorandum of understanding on June 17 to reopen the strait. Traffic briefly improved after that step, but the arrangement collapsed when Washington and Tehran clashed over which route commercial ships could use.

Iran wants vessels to pass through its territorial waters when transiting Hormuz. Washington has pushed for a route that preserves broader freedom of movement and avoids letting Tehran impose conditions on one of the world’s most strategically important maritime corridors.

The breakdown carried immediate consequences. Iran began attacking tankers traveling along Oman’s coast under US military protection, while Washington responded with more than a dozen waves of airstrikes and restored its naval blockade on Iran.

For investors, the lesson is familiar. Oil markets can move sharply on supply headlines, but the deeper issue is geopolitical risk, especially when a single waterway can affect fuel prices, fertilizer costs, manufacturing inputs and consumer inflation.

A real reopening of Hormuz would likely ease pressure on energy importers and give central banks one less inflation threat to manage. It could also provide some relief to equity markets, particularly sectors exposed to transport, chemicals, agriculture and heavy industry.

Still, the market’s early optimism depends on enforcement, not announcements. A signed agreement matters only if ships can actually move without harassment, rerouting demands or surprise escalation.

The next test may come quickly if Bessent’s timeline holds. A Tuesday or Wednesday deal that restores genuine freedom of movement would offer a rare burst of good news for global trade, but investors have learned to wait for the tankers to move before declaring the crisis over.

DISCLAIMER: GoldInvestors.news is not a registered investment, legal or tax advisor or broker/dealer. All investment/financial opinions expressed by GoldInvestors.news are from the personal research and experience of the owner of the site and are intended as educational material. Although best efforts are made to ensure that all information is accurate and up to date, occasionally unintended errors and misprints may occur.