Beijing said that the U.S. and Iran may reach an agreement in the next couple of days to reopen the Strait of Hormuz! Oil prices fell in response, with Brent crude plunging below $81 at one point.

According to the Zhitong Finance APP, U.S. Treasury Secretary Scott Basset stated that the United States and Iran may reach an agreement as early as Tuesday regarding control of the Strait of Hormuz. Basset said in an interview, "We are negotiating with the Iranians, and I think its possible to reach an agreement and reopen the Strait of Hormuz today or tomorrow." When asked if the agreement would include Iran charging tolls for ships passing through this crucial waterway, Basset replied, "I believe there will be free passage." However, he did not provide further specific details.