US officials express optimism about reaching a new agreement with Iran to reopen the Strait of Hormuz, leading to a significant drop in oil prices. Treasury Secretary Scott Bessent indicated a potential deal with Iran to unlock the vital waterway could be imminent. Meanwhile, Secretary of State Marco Rubio noted progress in discussions but emphasized that final decisions were pending. President Donald Trump highlighted ongoing talks with Tehran, stressing the urgency of reaching a resolution.

Despite these statements, Iranian authorities declared no active negotiations with the US. Following Bessent’s remarks, the international oil benchmark, Brent, plummeted over 5.4% to $79.21 per barrel, prompting a corresponding decrease in petrol prices. Bessent suggested that once the hundreds of ships stranded in the Persian Gulf could depart, oil prices would experience further declines, benefiting various sectors beyond energy.

In response to inquiries about potential toll charges by Iran, Bessent emphasized the importance of ensuring freedom of movement. He highlighted the broader impact of easing the maritime impasse, anticipating a substantial decrease in prices for essential commodities and industrial goods.