WASHINGTON: US Treasury Secretary Scott Bessent said on Tuesday that the United States could reach a deal with Iran by Wednesday to reopen the Strait of Hormuz, adding that restoring freedom of navigation through the strategic waterway would stabilise global energy prices.
“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 normalised position in this conflict,” Bessent said Tuesday in an interview with CNBC.
Bessent on Iran:
We’ve seen Trump, last week, threaten what would have been the largest military campaign since World War II against the Iranians, and now, because of that, we are in talks with the Iranians.
I think there’s a chance we may have a deal today or tomorrow to open… pic.twitter.com/mnel0A16O0
— Clash Report (@clashreport) August 4, 2026
Asked if a deal would allow Iran to charge a toll on shipping using the strait, Bessent said: “I think it would be freedom of movement.”
Meanwhile, Iran’s foreign ministry spokesman Esmaeil Baghaei said Iran and Oman are continuing talks aimed at ensuring the safe flow of traffic through the Strait of Hormuz.
In comments carried by Iran’s IRIB broadcaster, Baghaei said the talks have “been assessed positively at both the technical and political levels” as Iran works to develop the needed “mechanisms” to manage traffic in the strait.
Bessent’s comments echoed those of US President Donald Trump on Monday, who insisted the waterway could reopen within hours after he pulled back from threats of a massive military strike on Iran.
Iran’s foreign ministry has denied that negotiations with Washington were taking place, and on Tuesday, an unknown projectile hit a cargo ship in the Strait of Hormuz, a key point of tension in the US-Iran conflict.
Bessent was upbeat on the impact a deal with Iran over the Strait of Hormuz would have on energy prices, where he said hundreds of ships are waiting to go out.
“Even though things are still a little dicey there over the past few days, we’ve (seen) quite a few ships coming out even now,” Bessent said.
“So you know, I’d expect the energy prices to settle back down, which, as I said, will be good for the entire world,” the US Treasury Secretary told CNBC.
Trump expects Hormuz to open soon
While speaking to reporters in the Oval Office on Monday, US President Trump said that talks between the US and Iran were “going on right now”, claiming Tehran had sought negotiations to avoid further military action.
Trump said Iran had previously denied holding talks with Washington but was no longer doing so.
“We have many talks. They deny it. But they’re not denying it now,” Trump said. “When they’re talking, they don’t like saying that we’re talking.”
Trump said the Iran talks will “go quickly” and that the Strait of Hormuz will be open by tomorrow.
“It’s not very complex. We’re talking about the opening of the Strait [of Hormuz] and having it open, literally, by tomorrow, completely open. And that’s phase one,” Trump said.
“Phase two is we’ll then talk about the nuclear capacity … basically the denuclearisation of Iran,” he added, noting that it “has to happen”. Trump said that negotiating denuclearisation will “take a little while”.
Trump insisted that Iran will not impose fees on ships passing through the Strait of Hormuz.
Also Read: Fresh US-Iran Talks Are ‘Last Chance’ for Tehran to Avoid Further War Escalation, Trump Says
Asked if Iran would be willing to return to fully free navigation through the Strait of Hormuz, Trump insisted that Iran will not charge vessels passing through the waterway.
“I’m not going to let them charge,” he said. “If anybody’s going to charge, we’re going to charge; we have total control. “We’re not talking about charging at all,” Trump added.
Trump said, “This is the last chance for them to sign a good document,” referring to Iran.
Mediators continue efforts to end US-Iran conflict
Pakistan and Qatar have intensified mediation efforts to permanently end the conflict between the US and Iran through dialogue and diplomacy.
Qatar on Tuesday said that efforts for a diplomatic solution between the US and Iran are ongoing but that there are no direct talks between the sides planned.
“We can confirm that the efforts are still ongoing with all parties,” foreign ministry spokesman Majed Al Ansari told reporters, adding that negotiations were focused on “a short-term resolution that would help us reignite the talks and go back to the mediation efforts in its totality”.
Al-Ansari said that Qatar has a clear position and that is “to go back to the normal situation in the Strait of Hormuz”.
Highlights from the weekly media briefing by Dr. Majed bin Mohammed Al-Ansari @majedalansari, Advisor to the Prime Minister and Official Spokesperson for the Ministry of Foreign Affairs#MOFAQatar pic.twitter.com/szy27F62uS
— Ministry of Foreign Affairs – Qatar (@MofaQatar_EN) August 4, 2026
The spokesperson said there is currently no clear timeline for when an agreement can be reached, but hoped to reach an agreement “as soon as possible”.
He also commended Pakistan’s and Oman’s mediation efforts and said Oman has “been taking a very important and significant role in the past couple of weeks”.
Qatar’s foreign ministry spokesperson said mediators’ “focus right now is on avoiding escalation, reopening the strait and reopening the door for diplomacy between the parties”.
“What we do not want to see right now is a major escalation in our region,” he said. “We are working very closely with our partners in the region and with the parties of the conflict to reach a diplomatic resolution.”
Pakistan continues mediation efforts
Iranian Foreign Ministry spokesperson Esmaeil Baqaei said that Pakistan continues to act as mediator between Iran and the United States. He said Qatar was also extending support whenever required during the negotiation process.
Pakistani and Qatari mediators are in contact with Washington and Tehran to finalise a date and venue for the resumption of direct US-Iran talks, Anadolu news agency reported, citing sources.
Islamabad and Doha are among the expected venues for the talks, according to the sources cited by Anadolu.
On Sunday, an Iranian lawmaker said that mediators are making fresh efforts to revive the Pakistan-brokered Islamabad Memorandum of Understanding (MoU) that halted the war between the US and Iran in June.
Hassan Ghashghavi, spokesman for the Iranian parliament’s National Security Commission, said mediators were continuing efforts to revive the agreement, which was brokered by Pakistan and Qatar and signed following talks held in Islamabad.
“There is an effort underway to revive the 14-point Islamabad agreement, particularly by the mediators,” Ghashghavi said in a video interview.
“They know that the main issue and, in fact, the key to the matter right now is the issue of the Strait of Hormuz, so yes, there is an exchange of views,” he added.
On Monday, Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar held a telephonic conversation with his Iranian counterpart Seyyed Abbas Araghchi and discussed regional developments as mediators have intensified a diplomatic push to end the Middle East conflict.
“They exchanged views on regional and international developments, including the deteriorating situation in Occupied East Jerusalem,” the Foreign Office statement said on Monday.
Deputy Prime Minister/Foreign Minister Senator Mohammad Ishaq Dar @MIshaqDar50 spoke today with the Foreign Minister of Iran, Seyyed Abbas Araghchi.
They exchanged views on regional and international developments, including the deteriorating situation in Occupied East… pic.twitter.com/KHA2I5OctV
— Ministry of Foreign Affairs – Pakistan (@ForeignOfficePk) August 3, 2026
Ishaq Dar, during the call, also invited Foreign Minister Araghchi to visit Pakistan at his earliest convenience.
Islamabad MoU framework
The Islamabad MoU was brokered by Pakistan and Qatar following negotiations in Islamabad after months of military confrontation between Washington and Tehran.
Under the Islamabad MoU, the US and Iran committed to halt military operations, reopen the Strait of Hormuz to commercial shipping and negotiate a comprehensive agreement covering Iran’s nuclear programme, US sanctions and a permanent ceasefire within 60 days.
Pakistan and Qatar subsequently co-mediated the first round of high-level negotiations in Lucerne, Switzerland, on June 21.
The talks were attended by US Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf.
Pakistan has played a central mediating role between the United States and Iran since brokering a ceasefire on 8 April and hosting high-level talks between the two sides in Islamabad on 12 and 13 April.
Pakistan has repeatedly urged both countries to honour the Islamabad MoU and continue diplomatic engagement.
The first round of Pakistan- and Qatar-mediated negotiations under the agreement was later held in Lucerne, Switzerland, on 21 June.
The talks were attended by US Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf.
Following the negotiations, Pakistan and Qatar announced significant progress in diplomatic efforts, while Washington eased certain sanctions on Tehran.
The latest diplomatic activity comes amid months of heightened tensions between Washington and Tehran.
