Bessent says US and Iran to sign 30-60 day ceasefire as early as Aug 7-8
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US Treasury Secretary Scott Bessent said on August 7 that Washington and Tehran are set to sign a ceasefire agreement as early as today or tomorrow. The deal would halt hostilities for 30 to 60 days and reopen the Strait of Hormuz, potentially lowering energy prices. Iran demands sanctions relief and an end to naval blockades as a condition.
The Proposed Ceasefire
US Treasury Secretary Scott Bessent told 12News on August 7 that the US and Iran could sign a peace deal within days, possibly as early as August 7 or 8. The agreement would establish a 30- to 60-day ceasefire and mandate the reopening of the Strait of Hormuz, a critical chokepoint for global oil shipments. Bessent said the move should lead to lower energy prices.
Iran's Conditions
Iran has linked the deal to the lifting of US sanctions and the cessation of a naval blockade. Tehran is also consulting with Oman to finalize technical parameters and safe commercial shipping corridors through the strait. These demands were reiterated as Bessent announced the prospective agreement.
Collapse of Prior Deal
The push for a new accord comes after the June Islamabad Memorandum collapsed in July, leading to renewed mutual strikes between the two nations. The previous ceasefire agreement had also aimed to secure the strait and reduce regional tensions but fell apart within weeks.
What's Next
The exact timing of the signing remains unclear, with Bessent indicating it could occur as soon as August 8. Analysts warn that failure to address Iran's conditions could see the deal unravel as quickly as the previous one.
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Bessent says US and Iran to sign 30-60 day ceasefire as early as Aug 7-8
