Bessent offers major update on US-Iran talks over Strait of Hormuz shipping: What we know
US Treasury Secretary Scott Bessent said negotiations with Tehran were progressing and that a breakthrough could come as early as Tuesday or Wednesday, although Iran publicly denied that direct talks with Washington were taking place.
US Treasury Secretary Scott Bessent reported on Tuesday (August 4) that negotiations with Iran were progressing, potentially leading to a deal as early as Tuesday or Wednesday to reopen the strategic Strait of Hormuz. The Strait, crucial for global oil and liquefied natural gas shipments, accounts for about 20% of daily trade, and reopening it could stabilize energy supplies and prices.
US officials stated that discussions aimed at reopening the strait and de-escalating tensions were underway, with Bessent suggesting a potential agreement could come soon. Qatar, along with Pakistan and Oman, were working as mediators to coordinate talks and proposals between the US and Iran. Despite optimism, the security situation in the Gulf remained fragile, with incidents like a cargo ship struck by a projectile highlighting ongoing risks.
Iran denied any direct talks with Washington, instead stating their discussions were limited to Oman regarding the Strait of Hormuz. Oil prices reacted sharply to the news, with Brent crude falling to $80.66 per barrel and WTI crude dropping to $76.76 per barrel, both reaching their lowest levels since mid-July.
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