US Treasury chief says Hormuz Strait deal possible today or tomorrow
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U.S. Treasury Secretary Scott Bessent said Tuesday that a deal to reopen the Strait of Hormuz could be reached within a day. Qatar, mediating between Washington and Tehran, confirmed a draft de-escalation proposal has been circulated. Iran denied direct talks with the U.S. while demanding control over transiting vessels through the strait.
The Mediation Effort
Qatar's foreign ministry confirmed a draft proposal to reduce U.S.-Iran tensions has been shared with both sides, focusing first on de-escalation and then on conditions for renewed talks. The spokesperson declined to give a timeline, saying the priority is a short-term solution to avoid conflict. Details remain undisclosed. The U.S. has insisted on free passage, while Iran previously demanded transit fees, according to Bloomberg columnist Javier Blas.
Iran's Stance
Iran set broad terms for reopening the strait, demanding control over vessels and the ability to monitor and intervene in traffic exiting the strait, a source involved told Sozcu. Last month, Tehran rejected an Omani proposal to split transit routes equally, arguing it failed to address security concerns until long-term stability is achieved. The Iranian foreign ministry said talks with Oman focus solely on safe passage, not direct negotiations with Washington.
U.S. Warnings and Diplomacy
Bessent told CNBC there is a chance to strike a deal 'today or tomorrow' to open the strait and move toward 'a more normalized position,' adding it would ensure freedom of navigation. President Trump said he called off weekend strikes to give diplomacy a chance, describing it as Iran's 'last chance' for a good deal. Iran denied Trump's claim of ongoing negotiations.
What's Next
Bessent's comments raise the prospect of an imminent deal, but Iran's contradictory signals and maximalist demands cloud the outlook. It remains unclear whether the parties can bridge the gap over control rights in the strait.
5 sources
US Treasury chief says Hormuz Strait deal possible today or tomorrow
