India, Aug. 4 -- The United States is in talks with Iran and an agreement to reopen the Strait of Hormuz will be reached in a day or two, US treasury secretary Scott Bessent has said.

Efforts to de-escalate tensions in West Asia are underway. The Strait of Hormuz, a key oil artery, was shut off by Iran following the US and Israeli assassination of Supreme Leader Ayatollah Ali Khamenei on February 28.

"We're in talks with the Iranians and I think there is a chance we may have a deal today or tomorrow to open the strait," Bessent told CNBC on Tuesday.

Asked if ships would have to pay a toll to use the Strait of Hormuz, Bessent said vessels would be allowed to pass freely. "I think it would be freedom of movement," he said.

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