The United States and Iran are close to reaching an agreement that could restore shipping through the Strait of Hormuz, US Treasury Secretary Scott Bessent said on Tuesday.

“We are negotiating with Iran, and I think an agreement could be reached today or tomorrow,” Bessent told CNBC, without providing further details.

Axios, citing sources familiar with the talks, reports that the Trump administration is aiming to announce the agreement as early as August 5. A US official told the outlet that the Iranian government has already agreed to the draft deal.

The reported agreement involves a 60-day arrangement between Iran and Oman. Under the proposal, vessels entering the Strait of Hormuz and the Persian Gulf would use a northern route through Iranian waters, while outbound ships would follow a southern route near Oman’s coastline.

Reports also say that Iran would suspend plans to impose transit fees during the 60-day period, a key point of disagreement with the United States.

Speaking to Fox News on Wednesday, President Donald Trump said the United States was holding “good negotiations” with Iran but warned that if the talks failed, Washington would launch a “powerful strike” against the country. Trump expressed confidence that shipping through the Strait of Hormuz would be restored either through diplomacy or military action.

Iran has not yet officially commented on the reported agreement. Tehran has previously maintained that negotiations were being conducted with Oman and did not involve the United States directly.

Iran has effectively blocked the Strait of Hormuz since early March following US and Israeli military strikes on Iranian territory. Around 20% of the world’s oil and natural gas supplies pass through the strategic waterway. Although shipping partially resumed in June, Iran reimposed the blockade in July. Some vessels continue to transit the strait, but traffic remains significantly below pre-conflict levels.