US-Iran Strait of Hormuz deal may come by Wednesday, says Scott Bessent

US Treasury Secretary Scott Bessent said a deal with Iran to reopen the Strait of Hormuz could be reached by Tuesday or Wednesday, signalling growing optimism in Washington that negotiations could ease one of the world's most critical maritime chokepoints.

Bessent's remarks came as Qatar said mediators were making "very progressive" headway in efforts to end the US-Iran conflict, raising hopes of restoring commercial shipping through the strait. Secretary of State Marco Rubio also said discussions had made progress, though no final agreement had been reached.

The Strait of Hormuz, through which roughly one-fifth of global oil and liquefied natural gas shipments normally pass, remains largely blocked despite diplomatic efforts. Oil prices extended losses after Qatar's comments, reflecting market expectations that shipping could soon resume.

US President Donald Trump said on Monday that talks with Tehran had already begun and described the negotiations as Iran's "last chance" to secure a deal. However, Iranian officials denied that direct negotiations with Washington were taking place.

Qatar said Emir Sheikh Tamim bin Hamad Al Thani discussed efforts to bridge differences between Washington and Tehran during a phone call with Trump, stressing the importance of dialogue and adherence to the mid-June US-Iran memorandum that halted military operations.

Qatari Foreign Ministry spokesperson Majed al-Ansari said Qatar, Pakistan and Oman were coordinating closely to facilitate negotiations and exchange proposals between the two sides. A senior Pakistani security official said the immediate objective was to get both countries to formally begin talks.

Despite the diplomatic momentum, security risks in the region remain high. A cargo vessel was struck by an unidentified projectile near the Strait of Hormuz off Oman's coast, while India's Shipping Minister Sarbananda Sonowal said an Indian vessel had sunk near Yemeni waters after being hit, with all 14 crew members, including 13 Indians, rescued.

Iran has continued to insist on greater control over shipping through the Strait of Hormuz, while discussions with Oman are focused on creating safe navigation routes that protect the security interests of both countries. Negotiators are now racing to secure an agreement that could reopen the vital waterway and reduce tensions across the Gulf.

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