U.S., Iran Said to Be Close to Deal on Reopening Strait of Hormuz; Oil Slides

BlockBeats reports that on August 5, U.S. Treasury Secretary Scott Bessent said Washington and Tehran could reach an agreement within the next one to two days to reopen the Strait of Hormuz and restore "freedom of passage." Earlier, U.S. President Donald Trump held a phone call with Qatar's Emir Sheikh Tamim to discuss efforts to ease tensions between the U.S. and Iran. Xinhua News Agency cited Iranian Foreign Ministry spokesperson Baghaei as saying on August 4 that Iran remains in talks with Oman over the Strait of Hormuz, with "positive progress" on both technical and political fronts. The discussions center on defining safe shipping lanes and setting up mechanisms to manage maritime traffic through the strait. Rising expectations of diplomatic de-escalation weighed on crude prices. Brent futures fell nearly 6% to settle below $80 a barrel at $78.52. U.S. crude futures dropped more than 6%, falling below $76 and last trading at $74.28 a barrel. U.S. Secretary of State Marco Rubio said talks have advanced but are not yet finalized, adding that Washington hopes to reach an agreement "soon." Bessent said that once navigation resumes, prices for energy, fertilizers, refined products and other goods could weaken further. The current arrangements have yet to be formally implemented. The U.S. and Iran previously reached a temporary understanding to restore Hormuz shipping, but it later unraveled over route and security issues. Analysts caution that even if a new deal is struck, it would not mark a full end to U.S.-Iran tensions, and the risk of renewed escalation remains.