Trump administration official: Deal with Iran on Hormuz possible as early as tomorrow

US Treasury Secretary Scott Bessent told CNBC that a deal with Iran on shipping through the Strait of Hormuz could be reached within the next 24 hours, attributing the breakthrough to Trump's military threat. Following his remarks, oil prices fell about 4% to below $77 per barrel. Trump announced the strait would be opened tomorrow, calling it Iran's 'last chance', while Iran denies talks are taking place.

US Treasury Secretary Scott Bessent said in an interview with CNBC that a deal with Iran on shipping through the Strait of Hormuz could be reached within the next 24 hours. Bessent attributed the breakthrough to President Trump's military threat, described as the largest campaign since World War II. He noted that the deal would ensure freedom of navigation in the strait, and that ships have already begun to leave. Following his remarks, US crude oil futures fell about 4% to below $77 per barrel. Trump announced yesterday that the strait would be opened to traffic as early as tomorrow, calling it Iran's 'last chance'. He said the talks are taking place at Iran's request, with backing from Saudi Arabia, the UAE, and Qatar. Iran's Foreign Ministry earlier today denied the existence of direct or indirect talks with Washington.