Iran and Oman Near Hormuz Strait Agreement, Oil Falls.

Treasury Secretary Scott Bessent said Tuesday the U.S. may reach a deal with Iran to reopen the Strait of Hormuz within a day or two. Oil prices fell sharply after his remarks.

• Brent crude fell nearly 5%, dropping below $80 — a three-week low.
• West Texas Intermediate fell more than 5%, to $76 a barrel.
• Before the conflict, the strait carried about one-fifth of global daily oil and LNG supplies.
• Secretary of State Marco Rubio confirmed progress in talks but said no deal is final yet.

Why it matters: The strait's closure has rippled across energy, fertilizer, and chemical markets since the conflict began February 28. Bessent said hundreds — possibly a thousand — ships are waiting inside the waterway to move.

• Higher fuel prices at the pump have been a direct consequence of the supply disruption.

How 22 sources split on this story

Where they split: The U.S. says Iran must allow free movement through the strait; Iran says it expects to retain control of both inbound and outbound shipping lanes.

What’s next: Iran has discussed a navigation route with Oman but denied holding direct talks with the U.S.

• Trump warned Monday of major strikes if diplomacy fails, calling it a 'last chance.'
• Qatar's spokesperson confirmed ongoing diplomatic efforts but said no direct U.S.-Iran talks are planned.
• Would a final deal give Iran any role in controlling strait traffic, and would the U.S. accept that?
• Can an agreement hold given the pattern of failed negotiations since February?