Bezent said the US and Iran may reach an agreement today and tomorrow to re-open the Strait of Hormuz! Oil prices fell in response, and oil once fell below $81

The Zhitong Finance App learned that US Treasury Secretary Scott Bessent said that the US and Iran may reach an agreement on control of the Strait of Hormuz as soon as Tuesday. In an interview, Bezent said, “We are in negotiations with Iran. I think it is possible to reach an agreement today or tomorrow to reopen the Strait of Hormuz.” When asked if the agreement would include Iran charging tolls for ships passing through this critical waterway, Bezent said, “I think it will maintain free passage.” But he gave no further details.

“Although the situation in the region has remained somewhat tense in the past few days, we have seen quite a few boats sailing out so far,” Bezent said. “Not only energy is affected, but also fertilizers, refined oil products, and various industrial gases. As related prices fall back, the market may usher in a significant round of risk mitigation.”

Influenced by Bezent's remarks, oil prices fell sharply. As of press release, Brent crude oil futures fell 2.82% to $81.41 per barrel, and once fell below $81 per barrel; WTI crude oil futures fell 3.68% to $77.38 per barrel.

An earlier memorandum of understanding between the US and Iran aimed at reopening the Strait of Hormuz broke down last month. Since then, the two sides have intermittently attacked each other, causing shipping activities in the Strait of Hormuz to be restricted once again. Although Trump has said many times that an agreement on this waterway is about to be reached, it has not been realized so far.

According to media reports on August 4, citing senior Iranian sources, Iran and Oman are discussing a plan to restart shipping in the Strait of Hormuz. Iran hopes to control inbound shipping through the Strait of Hormuz according to this plan. Iranian Foreign Ministry spokesman Bagae said on August 2 that Iran and Oman are working to delineate a new route through the Strait of Hormuz under the framework of a separate navigation system to ensure the sovereign rights of both sides and Iran's national interests and security.

The report said that Iran will also control the movement of ships leaving the port through the Strait of Hormuz and has the ability to intervene if necessary. The source said, “This is the general idea of the plan currently being discussed. The Omani side will release the ships leaving the port after informing Iran.” The source also said, “Iran is unlikely to change its position. Iran is unlikely to accept any other alternative to reopening the Strait of Hormuz.”

Furthermore, Qatar, one of the main mediators between the US and Iran, announced that a potential draft agreement aimed at resuming negotiations between the US and Iran has been formed. Currently, the mediator is promoting a short-term solution to reduce tension between the two sides.

A Qatari spokesperson said on Tuesday that a proposed solution “is being passed between the parties.” However, at the same time, he stressed that no final agreement has yet been reached, and said he is unable to provide a specific schedule. The spokesperson said that the current focus is on finding a short-term path to avoid further escalation of the situation. It is unclear whether Qatar is referring to an agreement between Iran and Oman to allow more ships to pass through the Strait of Hormuz.