economy
Bessent says there may be deal Tuesday or Wednesday to open Strait of Hormuz with 'freedom of movement'
"We are in talks with the Iranians," the Treasury secretary told CNBC's "Squawk Box."
TL;DR
- U.S. and Iran in talks to potentially reopen the Strait of Hormuz.
- A deal for 'freedom of movement' for commercial ships may be reached Tuesday or Wednesday.
- The reopening could lead to a significant drop in prices for oil, fertilizer, and industrial gasses.
- Previous attempts to reach a deal have failed due to disagreements on transit routes.
- Iran wants vessels to sail through its territorial waters, while the U.S. seeks broader passage.
- President Trump previously called off an attack to allow for negotiations.