(LEAD) U.S., Iran could reach deal this week to reopen Strait of Hormuz: Bessent

U.S. Treasury Secretary Scott Bessent stated on Tuesday that the United States and Iran could potentially reach a deal this week to reopen the Strait of Hormuz, according to remarks provided to CNBC. The agreement would primarily focus on ensuring "freedom of movement" in the significant shipping route, which is vital for transporting oil, natural gas, fertilizer, and other commodities.

Bessent revealed that discussions with Iranian officials are ongoing, expressing optimism about achieving a resolution by the end of the week or early next week. When asked if Iran would be permitted to levy tolls on ships passing through the strait, Bessent affirmed that the aim would be to guarantee "freedom of movement" for all vessels.

He further suggested that if hundreds of ships currently stranded in the Persian Gulf due to the ongoing conflict were to resume their journeys, it could lead to a substantial decrease in oil prices. This potential relief could extend beyond the energy sector, impacting industries reliant on fertilizer, refined products, and various industrial gases.

State Department Secretary of State Marco Rubio echoed Bessent's comments during a press briefing, noting that progress has been made in talks involving Iran, Oman, and the Strait of Hormuz. However, he emphasized that finalizing the agreement is still pending. President Donald Trump had previously announced that the reopening of the Strait of Hormuz was a priority, described by the administration as the "first phase," with discussions on Iran's nuclear program to follow as the "second phase."