DUBAI, Aug 05 (Alliance News): The United States on Tuesday said a deal with Iran to reopen the Strait of Hormuz could be reached “today or tomorrow”, raising hopes of easing tensions and sending global oil prices sharply lower.
US Treasury Secretary Scott Bessent told CNBC there was a possibility of an agreement in the coming hours, echoing recent remarks by US President Donald Trump.
Speaking at the White House, President Trump said Iran had a “last chance” to reach an agreement while also warning of serious consequences if diplomacy failed.
According to reports, Washington is seeking an agreement that would restore normal shipping through the Strait of Hormuz, a vital global energy route, while also addressing concerns over Iran’s nuclear programme.
However, Iran’s Foreign Ministry denied that direct negotiations with Washington were taking place, despite repeated statements from US officials suggesting diplomatic contacts were continuing.
US Secretary of State Marco Rubio said Washington was involved in talks between Oman and Iran aimed at increasing maritime traffic through the Strait of Hormuz.
The renewed optimism over a possible agreement pushed international oil prices lower, with Brent crude falling more than six percent to below $79 per barrel.
Meanwhile, security concerns persisted in the region. Britain’s **United Kingdom Maritime Trade Operations> (UKMTO) reported that a commercial cargo vessel in the Strait of Hormuz had been struck by an unidentified projectile, leaving one crew member missing.
Separately, an Indian cargo vessel sank in the Red Sea following an unattributed attack, although all crew members were rescued.
The Strait of Hormuz remains one of the world’s most strategically important maritime chokepoints, carrying a significant share of global oil and liquefied natural gas exports.
Disruptions in the waterway have increased reliance on alternative shipping routes through the Red Sea and other regional ports.
