Bessent Says Iran Hormuz Deal Nears as Oil Prices Drop

US Treasury Secretary Scott Bessent told CNBC on Tuesday that negotiations with Iran over reopening the strategic Strait of Hormuz are progressing, with a deal potentially reached within days.

Bessent said an agreement could come as early as Tuesday or Wednesday, contributing to a drop in crude oil prices. He also expressed expectations that energy prices will "settle back" once the waterway reopens.

The Strait of Hormuz is a critical chokepoint for global oil shipments. Any easing of tensions there would likely relieve supply concerns, weighing on crude benchmarks.