US crude oil prices fell nearly 6% on August 4 to below $76 a barrel after Treasury Secretary Scott Bessent said the United States and Iran could reach an agreement within days to reopen the Strait of Hormuz, raising expectations of a sharp easing in supply risks tied to the waterway. Bessent said there was a "chance" for a deal that would restore "freedom of movement" through the strait without tolls. Hundreds of commercial vessels have been delayed there, and the passage typically handles roughly a fifth of the world’s daily oil consumption. The talks follow months of disruption after US and Israel launched strikes against Iran on February 28. A June 17 memorandum of understanding meant to reopen the strait for 60 days later collapsed in July over disagreements on shipping routes. Secretary of State Marco Rubio has pointed to Oman-mediated discussions aimed at lifting near-term shipping volumes, while President Trump has said talks are advancing. Bessent said potential outcomes could emerge by August 5 or 6. Iranian officials, however, have rejected the idea that direct negotiations are underway. The market reaction suggests traders are cutting back the geopolitical risk premium that had built into oil since the February strikes, betting that any durable reopening would ease shipping costs, marine insurance, and refined product prices. That matters beyond energy markets because higher fuel costs have been feeding into 2026 inflation readings and complicating central bank rate decisions.