The United States has indicated that a breakthrough over the Strait of Hormuz could be close, with US Treasury Secretary Scott Bessent saying an agreement with Iran may be reached “today or tomorrow.” The remarks come after weeks of heightened tensions in the Middle East that disrupted global shipping concerns and raised fears over energy supplies. If a deal is finalised, it could help restore normal maritime traffic through one of the world’s most important oil transit routes.
What did the US say about the Hormuz talks?
Speaking in an interview with CNBC, US Treasury Secretary Scott Bessent said discussions between Washington and Tehran were progressing in a positive direction. He expressed hope that both sides could reach an agreement within the next day or two.
Bessent said the primary objective of the negotiations is to ensure the Strait of Hormuz remains open for international shipping. He also clarified that Iran would not be allowed to impose any toll or additional fee on vessels using the waterway under the proposed arrangement.
The statement has raised hopes that diplomatic efforts could ease tensions that have affected regional stability in recent weeks.
Why is the Strait of Hormuz so important?
The Strait of Hormuz is one of the world’s busiest maritime routes, connecting the Persian Gulf to global markets. A significant share of the world’s crude oil and liquefied natural gas passes through this narrow sea passage every day.
Recent military tensions and attacks involving Iran and its regional rivals have created uncertainty over shipping through the strait. Although commercial vessels continued to pass, security concerns forced several countries to closely monitor the situation.
The US believes reopening the route without restrictions would help improve regional stability and reduce pressure on global energy markets.
Iran also signals interest in lowering tensions
Iranian President Masoud Pezeshkian recently said Tehran does not want the current crisis to escalate further. However, he stressed that Iran would defend its sovereignty, borders and national security if threatened.
Meanwhile, Iran and Oman are also discussing a possible bilateral shipping route related to Hormuz. Iranian Foreign Ministry spokesperson Esmaeil Baghaei said both countries are exploring an alternative framework that could replace the current shipping arrangement if an agreement is reached.
Trump’s warning and what happens next
US President Donald Trump earlier claimed that negotiations with Iran were continuing despite Tehran publicly denying direct talks. Trump described the ongoing discussions as Iran’s “last chance” to reach an agreement and warned of serious consequences if diplomacy failed.
He also said regional partners, including Saudi Arabia, the United Arab Emirates and Qatar, had encouraged Washington to continue diplomatic efforts to reduce tensions.
Despite conflicting statements from both governments, diplomatic activity appears to be continuing. Global attention is now focused on whether negotiations will produce an agreement that keeps the Strait of Hormuz open, restores confidence in international shipping and helps prevent further escalation in the Middle East.
First published on: Aug 04, 2026 08:55 PM IST
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Sagar Puri
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