Besenet stated that the U.S. and Iran may reach an agreement in the next two days to reopen the Strait of Hormuz! Oil prices dropped sharply, with Brent crude briefly falling below $81.

U.S. Treasury Secretary Scott Bevin stated that the United States and Iran may reach an agreement on the control of the Strait of Hormuz as early as Tuesday. In an interview, Bevin said, "We are negotiating with Iran, and I think it is possible to reach an agreement to reopen the Strait of Hormuz today or tomorrow." When asked whether the agreement would include Iran charging tolls for ships passing through this critical waterway, Bevin replied, "I believe there will be free passage." However, he did not provide any more specific details. Bevin noted, "Although the situation in the region has been somewhat tense in the past few days, we are currently seeing quite a number of ships leaving the area." "The impact is not only on energy but also on fertilizers, refined oil, and various industrial gases. As related prices decline, the market may experience a significant risk relief rally." As a result of Bevin's comments, oil prices fell sharply. At the time of publication, Brent crude futures were down 2.82%, trading at $81.41 per barrel, and briefly dipped below $81 per barrel; WTI crude futures fell 3.68%, trading at $77.38 per barrel. A previous memorandum of understanding aimed at reopening the Strait of Hormuz between the U.S. and Iran broke down last month. Since then, intermittent attacks between the two sides have led to renewed restrictions on shipping activities in the Strait of Hormuz. Although Trump has repeatedly stated that an agreement regarding the waterway was imminent, none has been reached to date. According to media reports on August 4, citing senior Iranian sources, Iran and Oman are discussing a plan to reopen shipping through the Strait of Hormuz, with Iran hoping to control port-bound shipping through this route. Iranian Foreign Ministry spokesman Baghaei stated on August 2 that Iran and Oman are working to delineate a new route in the Strait of Hormuz under a framework of separated navigation to ensure both sides' sovereign rights, as well as Iran's national interests and security. Reports indicate that Iran will also monitor the movements of outgoing vessels through the Strait of Hormuz and possess the capability to intervene when necessary. The source said, This is the overall idea of the scheme currently under discussion, and Oman will allow outgoing vessels after notifying Iran. The source also remarked, It is unlikely that Iran will change its position. Iran is not likely to accept any alternative plan to reopen the Strait of Hormuz. Additionally, Qatar, one of the main mediators between the U.S. and Iran, announced that a draft potential agreement aimed at restoring negotiations between the U.S. and Iran has been formed. Currently, mediators are promoting a short-term solution to reduce tensions between the two sides. A spokesman for Qatar stated on Tuesday that a proposed solution "is being communicated among the parties." However, he emphasized that a final agreement has not yet been reached and that he could not provide a specific timeline. The spokesman indicated that the current focus is on finding a short-term path to avoid further escalation. It is unclear whether what Qatar referred to was an agreement between Iran and Oman allowing more vessels to pass through the Strait of Hormuz.