US hopeful of Hormuz deal within days as diplomacy with Iran gathers pace

The United States is hopeful of reaching an agreement with Iran to reopen the strategically vital Strait of Hormuz "today or tomorrow", Treasury Secretary Scott Bessent said on Tuesday, even as another cargo vessel was struck in the waterway, underlining the fragile security situation.

Speaking to CNBC, Bessent said, "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."

Also Read: US-Iran war: Trump drops 20% toll plan on Hormuz, seeks Gulf investment deals instead


His remarks came a day after US President Donald Trump expressed optimism that the key shipping route could reopen soon, while simultaneously warning Tehran of severe consequences if diplomacy failed.

"I want to give them every last chance before decapitation," Trump told reporters on Monday, describing the current negotiations as Iran's "last chance". "You'll find out today or tomorrow. I mean, they're going to go quickly, one way or the other. It's not very complex."

Washington and Tehran have remained locked in conflict since late February, when the US and Israel launched coordinated strikes on Iran. Although a ceasefire and a preliminary understanding have since been reached, negotiations have yet to produce a lasting settlement.

The Strait of Hormuz has emerged as the central sticking point. Iran insists on exercising greater control over the strategic waterway, including charging tolls on shipping, a position strongly opposed by the United States.

Trump said he had agreed to continue diplomatic efforts at the request of Saudi Arabia, the United Arab Emirates, Qatar and other regional partners, while maintaining that discussions with Tehran were ongoing.

"We are talking right now," Trump said.

Also Read: Hormuz oil shuttling trade is picking up again after lull

However, Iran's foreign ministry denied that any direct negotiations with Washington were taking place. Qatar, which has been mediating between the two sides, said diplomatic efforts were continuing but confirmed that no direct US-Iran talks were currently scheduled.

The US president said reopening the Strait of Hormuz could happen "literally by tomorrow", while suggesting that negotiations over Iran's nuclear programme would take longer.

In a social media post earlier on Tuesday, Trump accused Tehran of being "duplicitous" for denying negotiations.

"Whether Iran wants to admit it or not, we are, in fact, talking of a solution to a problem that they have caused, for decades," he wrote.

Trump also referred to Washington's counter-blockade of Iranian ports, saying, "Nothing gets through to Iran, unless we want it to, and nothing will get through, unless a Deal, or Total Surrender, is accomplished."

Despite months of military conflict, Iran continues to retain significant military capabilities, including missile and drone arsenals, as well as enriched uranium stockpiles. Western governments maintain that Tehran's nuclear programme is aimed at developing atomic weapons, an allegation Iran continues to deny, insisting its programme is solely for civilian purposes.

The latest diplomatic push came as Britain's maritime security agency, UKMTO, reported that a cargo vessel was struck by an "unknown projectile" in the Strait of Hormuz off the coast of Oman early on Tuesday. The agency did not identify the vessel and said investigations into the incident were underway.

Iran continues to enforce tight controls over shipping through the strait, requiring vessels to coordinate their transit with Iranian authorities and follow routes close to its coastline. Many commercial ships have instead opted for a southern passage near Omani waters.

Iranian foreign ministry spokesperson Esmaeil Baqaei said Tehran was discussing an alternative maritime route with Oman but stressed that the talks were "not about reopening Hormuz."