U.S. Treasury Secretary Scott Bessent signaled on Tuesday that the U.S. and Iran might be on the verge of an agreement to reopen the Strait of Hormuz, potentially restoring free passage for commercial shipping in a matter of days.

Speaking on CNBC's "Squawk Box," Bessent said the proposed deal would ensure "freedom of movement" through the strait, with Iran not allowed to impose transit tolls. "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," he said.

"Even though things are still a little dicey there over the past few days, we saw quite a few ships coming out even now," Bessent added. He noted that hundreds, possibly more than 1,000 ships, are waiting to depart, with the disruption hitting not just energy shipments but also fertilizers, refined petroleum products, and industrial gases.

"We could see a big relief trade as those prices go down," Bessent said.

The market seems to be buying it. At the time of writing, Brent Oil Futures were trading 2.16% lower at $81.94 per barrel, while WTI crude oil futures were down 2.86% at $78.05 per barrel.

Oil Risks Persist Amid Iran Standoff

But don't pop the champagne just yet. On Monday, President Donald Trump said the U.S. was holding "last chance" talks with Iran after canceled military strikes. Iran's Foreign Ministry, however, denied that any negotiations were taking place, directly contradicting Trump's remarks.

Trump later took to Truth Social to accuse Iran's leadership of being "unbelievably duplicitous," adding that more discussions were expected in the "immediate future."

The uncertainty around the Strait of Hormuz continues to hang over global oil supplies. Before the conflict began in February, the waterway carried about 20 million barrels of oil per day, accounting for more than one-fifth of global oil shipments. Iran had earlier signaled progress in talks with Oman regarding the critical waterway.

But Tehran also made clear that its agreement with Oman on a new shipping route does not mean the Strait of Hormuz is reopening. Foreign Ministry spokesperson Esmaeil Baqaei said the route is a necessary step but, by itself, is insufficient to reopen the strategic waterway.

For U.S. consumers, the wait for cheaper gas might be longer. GasBuddy analyst Patrick De Haan said Americans are unlikely to see lower gasoline prices unless tensions between the United States and Iran ease.