US hopeful Hormuz strait deal will be done ‘today or tomorrow’

The United States expressed optimism on Tuesday that a deal to reopen the Strait of Hormuz could be reached today or tomorrow, according to Treasury Secretary Scott Bessent. This followed President Donald Trump's statements the day before, hinting at a possible resolution in the coming hours. The Strait, a crucial route for oil and gas shipments, has been a source of conflict since the start of the war between Iran and the US on February 28.

Despite a ceasefire and previous attempts at diplomacy, tensions have persisted, with Iran seeking control over the strait and imposing tolls, a practice opposed by the US. Recent incidents, such as a merchant ship being hit by a projectile in Hormuz and a cargo vessel sinking in the Red Sea, have further underscored the ongoing dangers.

The Red Sea has become an alternative shipping route due to Houthi rebels in Yemen's blockade on Saudi Arabia, but attacks on ships continue to threaten the stability of global trade. US officials are actively involved in negotiations with Oman and Iran to reopen the Hormuz, with progress reported but no final agreement yet. The potential reopening of the strait could significantly impact global markets, as evidenced by a nearly five percent drop in benchmark Brent North Sea Crude prices on Tuesday.