'We may have a deal today or tomorrow': US Treasury chief on breakthrough with Iran on Hormuz

The United States and Iran could reach an agreement as early as Tuesday or Wednesday to reopen the Strait of Hormuz, US Treasury Secretary Scott Bessent said on Tuesday.

Bessent said negotiations with Tehran were continuing and expressed optimism that commercial shipping through the strategic waterway could soon resume.

"We are in talks with the Iranians," Bessent said while speaking to CNBC's Squawk Box. "There is a chance we may have a deal today or tomorrow to open the Strait and move towards a more normalized position in this conflict."

When asked whether the proposed arrangement would allow Iran to levy tolls on ships passing through the Strait of Hormuz, Bessent said Washington's position remained unchanged. "It would be freedom of movement," he said. "Even though things are still a little dicey there over the past few days, we saw quite a few ships coming out even now."

The Strait of Hormuz is one of the world's most strategically important shipping lanes and a key route for global oil supplies.

Oil prices fell after Bessent's remarks as investors reacted to the possibility of easing tensions in the Gulf.

US crude futures dropped about 4% to trade below $77 a barrel.

On Monday, US President Donald Trump said negotiations with Iran were already in progress, despite Tehran publicly denying holding direct talks with Washington. "Talks are going on right now," Trump told reporters at the White House on Monday. "This is a last chance for them to sign a good document."