US Says a Hormuz Deal Could Come Within Days
The United States said a deal to reopen the Strait of Hormuz could be sealed within days, in a marked shift from the weekend’s threats of a strike on Iran. The Treasury secretary, Scott Bessent, said there was “a chance we may have a deal today or tomorrow”, with hundreds of ships waiting to transit, while the secretary of state, Marco Rubio, said progress had been made but “no final agreement” was reached. Iran again denied it was in direct talks with Washington, saying it was dealing only with Oman.
The pivot from military threat towards diplomacy sent oil tumbling: Brent crude fell about 5 per cent to around $79 a barrel, a fresh low, as traders bet the danger of an attack — and a choking of Gulf supply — was receding. Yet the picture remained muddy, with Qatar saying there were “no direct talks on the books” and Iran’s president insisting Tehran did not “seek to expand the war” even as it refused to reopen Hormuz unconditionally. A reported revenue-sharing arrangement over the strait went unconfirmed. After a fortnight of lurching between strike threats and deal talk, the market chose to believe the calmer signals. Watch whether an agreement actually materialises, or the threats return.