US Treasury Secretary Scott Bessent said on 29 May that President Donald Trump would not accept a ‘bad deal’ with Iran, insisting that any agreement must address Tehran’s nuclear programme and guarantee open shipping lanes through the Strait of Hormuz. Speaking to reporters at the White House, Bessent declined to confirm reports of a tentative agreement, stressing that any deal would ultimately require Trump’s approval.

Key Demands on the Table

Bessent outlined three non-negotiable conditions the Trump administration has placed before Iran. “Iran has to turn over their highly enriched uranium,” he said, adding that Tehran “cannot pursue a nuclear weapon” and that “the Strait of Hormuz has to ‘free transit’ — navigation of the seas has to be free and open as it was before.”

On the prospect of a deal, Bessent was unambiguous: “He’s not going to take a bad deal. He’s going to make a great deal for the American people.”

Talks Ongoing, Details Withheld

Pressed repeatedly on reports of a possible 60-day ceasefire extension and continued nuclear negotiations, Bessent declined to provide specifics. “It’s always a mistake to get out ahead of the President,” he said. “Everything depends on what the President wants to do.”

The Treasury Secretary credited a combination of US military and economic pressure for bringing Iran to the negotiating table, calling it unprecedented. “This administration has done something that no other administration is able to do. We have gotten the Iranians to talk about their nuclear programme and to perhaps commit to not having one. That has never happened before,” he said.

Sanctions Relief Tied to Compliance

Bessent made clear that any future sanctions relief for Iran would be strictly conditional. “Nothing is going to be on the table until we see the Strait of Hormuz open and the Iranians agree that they have to turn over the highly enriched uranium and that they can’t have a nuclear programme,” he said.

Asked about reports of Iranian missile launches and alleged ceasefire violations, Bessent maintained that Washington remained committed to a diplomatic resolution. “President Trump always prefers a peace deal,” he said. “Everything we have done thus far has been defensive.” At the same time, he warned that the administration’s patience was not unlimited should negotiations stall.

Oil Markets and the Hormuz Chokepoint

Bessent said energy markets had remained resilient despite Gulf tensions and projected that oil prices could fall sharply once shipping disruptions ease. “There are almost 2,000 ships waiting to come out of the Gulf and I think the oil market is going to be very well supplied on the other side of this,” he said, predicting prices could “come down very quickly.”

He attributed US resilience to increased domestic production, saying the country had become “the world’s largest energy exporter” under Trump’s “energy dominance and deregulatory agenda.”

The Strait of Hormuz remains one of the world’s most critical energy chokepoints, handling a substantial share of global oil and liquefied natural gas shipments. Any sustained disruption to traffic through the narrow waterway carries immediate consequences for global energy markets and supply chains. With talks still fluid, the coming days will test whether Washington and Tehran can bridge the gap between stated positions.