U.S. Treasury Secretary Scott Bessent said on Tuesday that Washington and Tehran could reach an agreement as early as Tuesday or Wednesday to reopen the Strait of Hormuz to commercial shipping.

Axar.az reports that Bessent made the remarks in an interview with CNBC.

"We are in talks with the Iranians," Bessent said. "There is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict."

Asked whether Iran would be allowed to charge tolls, Bessent replied: "It would be freedom of movement."

He said reopening the waterway would ease pressure on global markets by allowing commercial vessels to resume transits.

"It's not just energy. It's fertilizer, it's refined products, it is the various industrial gases," Bessent said. "We could see a big relief trade as those prices go down."

President Donald Trump said over the weekend that he had called off a planned military strike on Iran to allow negotiations over the strategic waterway to continue.