Bessent says U.S. could have deal with Iran “today or tomorrow”

Treasury Secretary Scott Bessent indicated that the United States and Iran may be close to reaching an agreement to address their dispute over the Strait of Hormuz. Speaking to CNBC, Bessent expressed optimism that a deal could be finalized within the next 24 hours, potentially leading to a more normalized relationship between the two nations.

Qatar has been actively involved in mediating diplomatic efforts aimed at de-escalating tensions and reopening the strategically important waterway, according to recent reports. While there is no formal agreement to hold direct negotiations, the focus remains on reaching a short-term resolution, with Qatar drafting a possible deal and circulating it among negotiators.

However, the possibility of an agreement appeared to be overshadowed by conflicting reports and ongoing attacks in the region. Earlier in the day, a fresh strike had targeted a vessel passing through the Strait of Hormuz, though the responsible party remained unidentified. This incident added to the confusion and uncertainty surrounding the situation, which could potentially result in persistent supply disruptions, fueling inflation and interest rate hikes.

Despite these concerns, oil prices experienced a slight decline following the reports of a potential deal. Brent crude futures fell by 2.9%, settling at $81.38 a barrel, while U.S. West Texas Intermediate (WTI) crude futures dropped by 3.2%, closing at $77.75 a barrel. The market seems to have taken the news positively, but the brief respite in oil prices may provide some relief to the broader economic concerns regarding potential disruptions in crude supply.