RESOLVING THE LEDGER
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See the full story · 9 sourcesOil prices fell sharply Tuesday after Treasury Secretary Scott Bessent indicated there may be a deal to open the Strait of Hormuz as soon as this week.
Brent , the international oil benchmark, slid 5.3% to close at $79.36 per barrel. West Texas Intermediate futures lost 5.7% to settle at $75.77.
"We are in talks with the Iranians," Bessent told 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."
"It would be freedom of movement," the Treasury Secretary said when asked whether Iran would be allowed to charge a toll.
Tehran is considering allowing European countries to clear mines from Hormuz, diplomats familiar with the matter told Bloomberg News . Mines in the strait are one of the biggest obstacles to normalizing traffic.
President Donald Trump said over the weekend that he called off a major attack on Iran to allow for negotiations over Hormuz. The U.S. and Iran signed a deal on June 17 to reopen the strait but that agreement quickly collapsed.
Iran wants commercial ships to transit through Hormuz using the Islamic Republic's territorial waters. It has repeatedly attacked vessels sailing through the strait along Oman's coast under U.S. military protection.
A cargo ship was struck Monday by an unknown projectile about 20 nautical miles northeast of Al Khasab, Oman, according to an incident report from the United Kingdom Maritime Trade Operations Centre.
"Iran is unlikely to agree to any deal without getting control of the Strait, and thus we view any potential deal as being highly likely to fail at this point," said Ryan McKay, director of commodity strategy at TD Securities.
Oil exports through Hormuz are unlikely to surge after a deal, McKay said in a Tuesday note. Flows "are already in line with what the current production recovery would imply, suggesting the upside for flows, even under a comprehensive deal, is minimal," the strategist said.
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