Oil prices dropped on Tuesday after US Treasury Secretary Scott Bessent said a deal to reopen the Strait of Hormuz is imminent, according to the Financial Times.
Bessent’s comments, reported by the FT on August 4, 2026, pointed to a potential resolution that would restore shipping through the critical waterway. The strait is a key transit route for global crude supplies, and its closure has weighed on markets.
The report aligns with other signals of progress. Al Jazeera cited Tehran saying talks with Oman on Hormuz were advancing “positively,” while The Guardian reported US Secretary of State Marco Rubio hoped Washington could reach a deal with Iran “very shortly.” BBC also noted oil prices fell on hopes the strait could reopen.
The Financial Times did not provide further details on the terms of the possible agreement or a timeline for implementation. Bessent’s statement is the strongest US official signal yet that a breakthrough may be close, following weeks of diplomatic efforts involving regional intermediaries.
Markets have been sensitive to any news from the region, as disruptions to Hormuz traffic would affect global energy prices. The reported decline in oil suggests investors are pricing in a higher chance of the strait reopening without a prolonged standoff.
What to watch next: whether Iran and the US confirm a formal deal and how quickly tanker traffic can resume through the strait.
