US treasury secretary says deal with Iran to reopen Hormuz could be sealed by Wednesday

US Treasury Secretary Scott Bessent said Washington could reach a deal with Iran to reopen the Strait of Hormuz by Wednesday, amid reports of an emerging Iranian-Omani deal that would give Iran unprecedented control. Bessent told CNBC that talks are ongoing and a deal might be sealed 'today or tomorrow,' expecting energy prices to stabilize. However, Iranian officials cited by the New York Times said ships would pay 'service fees,' with Iran and Oman sharing revenue. A US official disputed this, saying routes would not require Iranian approval or include tolls.

US Treasury Secretary Scott Bessent said Washington could reach a deal with Iran to reopen the Strait of Hormuz by Wednesday, amid reports that an emerging Iranian-Omani deal would give Iran unprecedented control over the waterway. Speaking to CNBC on Tuesday, Bessent was upbeat that energy prices could stabilize as a result of a US deal with Iran, where he said hundreds of ships are waiting to leave. 'We are in talks with the Iranians, and 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. Asked if a deal would allow Iran to charge a toll, Bessent said: 'I think it would be freedom of movement.' However, Iranian officials cited by the New York Times said that under a deal Iran and Oman are close to signing, ships crossing into the Persian Gulf would pay 'service fees,' with revenue shared equally. The pact would have inbound ships use a route near Iran's coast, controlled by the Islamic Republic, while outbound vessels would use a route near Oman. A US official cast the Iranian description as 'not accurate,' asserting that any routes the US agreed to would not require Iranian approval or include tolls. A senior Iranian source told Reuters that Iran wants control over inbound shipping and visibility over outbound traffic, with the ability to intervene if necessary. On Tuesday, a cargo vessel was struck by an 'unknown projectile' in the strait off Oman, according to a British maritime agency. The vessel reported being hit, and authorities were investigating. The incident occurred 20 nautical miles northeast of Al Khasab, Oman. The ship suffered damage, according to British maritime security firm Ambrey. Efforts to reach a US-Iran agreement are 'ongoing,' said Qatar's Foreign Ministry spokesman Majed Al-Ansari. Iran's President Masoud Pezeshkian said Tehran did not want the conflict to widen. Trump said Monday that talks with Iran had resumed, a day after calling off massive strikes. Iranian Foreign Ministry spokesperson Esmail Baghaei said no negotiations were being held with the US, only with Oman. Trump voiced frustration, calling Iran 'unbelievably duplicitous.' The US Army has used up much of its stockpile of highly accurate long-range missiles during the war, according to three people familiar with the data.