DUBAI: The United States said on Tuesday that a deal with Iran to reopen the Strait of Hormuz could be reached within hours, raising hopes of easing tensions in one of the world’s most critical energy corridors even as fresh maritime attacks underscored the fragile security situation.
US Treasury Secretary Scott Bessent told CNBC there was “a chance we may have a deal” as early as “today or tomorrow,” echoing President Donald Trump’s recent comments expressing optimism about ongoing diplomatic efforts.
The prospect of an agreement pushed global oil prices sharply lower, with Brent crude falling more than six percent to below $79 per barrel on expectations that oil shipments through the strategic waterway could resume.
What is delaying a Hormuz agreement between the US and Iran?
Despite Washington’s optimism, Iran denied it was engaged in direct negotiations with the United States.
President Trump described the current diplomatic push as Iran’s “last chance,” while warning of severe consequences if negotiations fail. He has repeatedly linked any future agreement to reopening the Strait of Hormuz and curbing Iran’s nuclear programme.
Qatar, which is mediating between the two sides, confirmed that diplomatic efforts were continuing but said no direct US-Iran talks were currently scheduled. The Qatari leadership also held discussions with President Trump on efforts to reduce regional tensions.
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.
How are maritime attacks affecting regional security?
The diplomatic developments come amid renewed attacks on commercial shipping in the region.
Britain’s maritime security agency (UKMTO) reported that a merchant vessel in the Strait of Hormuz was struck by an unidentified projectile off the coast of Oman, leaving one crew member missing.
Separately, an Indian cargo vessel, MSV Faize Noore Oliya, 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 important shipping routes, carrying a significant share of global oil and liquefied natural gas exports. Continued disruptions have increased reliance on alternative routes through the Red Sea, where attacks on commercial vessels have also intensified.
The United States and its regional partners continue diplomatic efforts to restore safe navigation while seeking a broader agreement aimed at reducing tensions and securing maritime trade in the Gulf region.