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Bessent: Iran Deal to Reopen Strait of Hormuz in Sight

Guavy AI Editorial Team
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Oil
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Treasury Secretary Scott Bessent says a deal to reopen the Strait of Hormuz is in sight, following President Donald Trump's warning that talks with Iran are the 'last chance' to end the five-month conflict.

Bessent told CNBC on Tuesday that there's a chance for a deal today or tomorrow to open the strait and move towards a normalized position. He said the deal would allow freedom of movement in the strait, but didn't confirm whether Iran would be allowed to charge a toll.

Oil prices initially rebounded by as much as 3% on Tuesday, but reversed sharply after Bessent's comments. WTI futures were down 4.44% at $76.77 per barrel, while Brent crude was up 3.5% at $80.84 a barrel.

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