Scott Bessent Said a Deal To Reopen The Hormuz Strait Could Be Reached Within Hours. Oil Is Declining Again

Oil is declining further on Tuesday after U.S. Treasury Secretary Scott Bessent expressed optimism about the possibility of reaching a deal that will see the reopening of the Hormuz Strait in the next hours.

Brent crude, the international benchmark, dropped more than 2% and stood below $82 a barrel at 8:46 a.m. ET, while West Texas Intermediate, the U.S. benchmark, fell further, plummeting more than 3% and hovering below $78 a barrel at the same time.

"We are in talks with the Iranians, and I think there is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict," Bessent said in an interview with CNBC.

Asked whether Iran will be allowed to charge a toll for passage, as it has said it is willing to do, he was not specific but said the agreement would allow freedom of navigation in the waterway. "Even though things are still a little dicey there over the past few days, we saw quite a few ships coming out even now."

Reuters detailed on Tuesday that Tehran is seeking to control inbound shipping through the Hormuz Strait and have oversight over outbound traffic.

Earlier on Tuesday, Qatar spokesperson Majed Al-Ansari said efforts to reach a deal between the U.S. and Iran are ongoing but there are no direct talks in the plans.

"We can confirm that efforts are ongoing with all parties, we are looking into a diplomatic solution," Ansari said.

Iran, however, has constantly rejected talks with the U.S. are taking place. Iranian foreign ministry spokesperson Esmail Baghaei on Monday said the country had only discussed navigation through the Strait of Hormuz with Oman.

Baghaei claimed that the countries are engaging in an effort to "determine, at the earliest opportunity and in consultation with Oman, a route that is naturally temporary and based on which the safety of navigation through the Strait of Hormuz can be ensured."

President Donald Trump, on his end, said on Monday that talks are indeed happening and they are the last chance for the country's leadership to reach an agreement before "decapitation."

"I think maybe we're going to get something. But i want to give them one last chance before decapitation," Trump said while speaking to press at the Oval Office. "Hopefully they'll come to their senses," he added.