DUBAI, United Arab Emirates (AFP)—The United States was hopeful that a deal to reopen the Strait of Hormuz would be done “today or tomorrow”, a top official said Tuesday, sending oil prices tumbling on optimism for increased shipments in the vital waterway.

US Treasury Secretary Scott Bessent told broadcaster CNBC “there is a chance we may have a deal” in the coming hours, echoing remarks from President Donald Trump the day before.

Speaking from the White House on Monday, Trump kept up his now familiar combination of optimism for diplomacy and bellicose threats, warning that this was Iran’s “last chance before decapitation”.