Hormuz could open 'today or tomorrow' in new US-Iran deal as oil prices tumble

US officials are optimistic about striking a fresh deal with Iran that would reopen the Strait of Hormuz with the claim already sparking a major fall in oil prices. Treasury secretary Scott Bessent said there was "a chance" the US could reach a deal with Iran to reopen the key waterway, which Iran has blockaded, "today or tomorrow". State secretary Marco Rubio said there has been "progress made in those talks, but not finality yet". He said the US was "hoping that will happen very shortly". Donald Trump said yesterday (Monday) that talks with Tehran were ongoing and the country had a "last chance" to reach a deal. However, Iranian officials insisted no negotiations with the US were taking place. Brent the international oil benchmark, slid more than 5.4% to $79.21 per barrel after Mr Bessent's comments. Petrol prices drop when oil prices fall, but the change is delayed and usually happens more slowly than when prices go up. When Bessent was asked whether Iran would be allowed to charge a toll for use of the Strait, he told CNBC's Sqawk Box: "It would be freedom of movement." Oil prices should drop further when hundreds of ships stuck in the Persian Gulf are able to exit, Bessent said. “It’s not just energy. It’s fertilizer, it’s refined products, it is the various industrial gasses,” he said. “We could see a big relief trade as those prices go down.”