The idea of a deal between the US and Iran seemed to be moving forward on Tuesday, with Qatar announcing that a proposal has been created. US Treasury Secretary Scott Bessent expressed optimism about an agreement to reopen the Strait of Hormuz.
Oil prices dropped, reversing earlier gains, while US government bonds rose due to hope that negotiators could reach a deal and prevent major airstrikes on Iran. Brent crude fell below $82 a barrel, a decrease of 2.5%.
However, both Qatar and Bessent warned that there is no concrete agreement yet, and Iran has not indicated any progress regarding Hormuz.
Bessent stated during an interview with CNBC, “We’re in talks with the Iranians, and I believe there’s a chance we could have a deal today or tomorrow to open the strait.” When asked about potential tolls on maritime traffic, he mentioned: “I believe it would ensure freedom of movement.”
His comments followed a statement from Qatar's foreign ministry, which, as a key mediator between Washington and Tehran, announced that a proposed resolution for de-escalation is “being circulated among the parties.”
A spokesperson from Qatar noted that he couldn’t provide a timeline for the agreement, emphasizing that the goal is to find a short-term solution to prevent further conflict.
It’s not clear if Qatar was referring to negotiations between Iran and Oman regarding increased ship traffic through the Strait of Hormuz.
Tensions have risen in recent days, with President Trump stating he is giving Iran a final chance to reach an agreement. Over the weekend, he delayed planned strikes—possibly in collaboration with Israel—that he said would have been the largest since World War II.
Trump told reporters on Monday, “I want to give them every last chance before anything drastic happens. You’ll see developments today or tomorrow. It’s going to happen quickly, one way or the other. It’s not complicated.”