The United States signalled on Tuesday that a deal to reopen the Strait of Hormuz could be imminent, with Treasury Secretary Scott Bessent telling CNBC there was “a chance we may have a deal today or tomorrow to open the strait and move towards a more normalised position in this conflict.” The remarks, echoed by Secretary of State Marco Rubio, sent benchmark Brent crude prices down more than five per cent to below $80 a barrel, their lowest in three weeks, as markets priced in a potential resumption of shipments through the waterway that normally carries about one-fifth of global oil and liquefied natural gas.

Viewed from Washington, the diplomatic push centres on securing freedom of navigation without Iranian tolls or controls. Bessent said any agreement would mean “freedom of movement,” while Rubio confirmed the US was “involved” in negotiations between Oman and Iran on increasing traffic. Qatari foreign ministry spokesman Majed al-Ansari said mediators from Qatar, Pakistan and Oman were coordinating an exchange of draft proposals and that diplomatic contacts had reached “very progressive stages.” However, he stressed that no direct US-Iran talks were planned, and Iranian foreign ministry spokesman Esmaeil Baghaei insisted that Tehran’s only discussions were with Muscat on establishing safe shipping corridors, not with Washington.

Tehran’s position, as outlined by Iranian officials and sources cited by Reuters, is that any new arrangement must safeguard Iranian sovereignty and security interests. Iran is seeking oversight of inbound vessels and a role in managing outbound traffic, with a proposed “service fee” to cover environmental and security costs shared equally with Oman. This contrasts sharply with the US demand for unrestricted transit. The gap was underscored by continued violence: a cargo vessel was struck by an unknown projectile in the strait on Tuesday, leaving one crew member missing, while an Indian-flagged ship sank in the Red Sea after an unattributed attack, though its crew was rescued.

The diplomatic flurry follows months of broken ceasefires and a pattern in which President Donald Trump has threatened massive strikes only to pull back, most recently over the weekend. Trump described the current moment as Iran’s “last chance before decapitation” and said the first phase of any deal would be reopening Hormuz, with denuclearisation to follow. Iran has publicly dismissed the notion of negotiations, and analysts note that the two sides remain far apart on the fundamental question of who controls the strait. With mediators circulating draft language and no final agreement yet reached, the dossier remains open, and the next concrete step is expected to be a decision by Iran’s leadership on the provisional understanding reportedly reached with Oman.