Oil prices fell after Bessent said an agreement to reopen the Strait of Hormuz could be imminent. He indicated that a deal might be reached as soon as Tuesday or Wednesday and could provide for “freedom of movement” through the strategic waterway.
The comments followed reports that talks involving the United States and Iran had made progress. Qatar said drafts of a potential agreement were being circulated, while other officials also described efforts to reopen the strait as advancing.
The reports remained contested. The Trump administration said an agreement was close, but Iran denied that negotiations were taking place. The conflicting accounts left uncertainty over whether and when the waterway would fully reopen, even as Bessent’s remarks eased market concerns and weighed on oil prices.
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