Bessent says deal possible Tuesday or Wednesday to open Strait of Hormuz with freedom of movement

Treasury Secretary Scott Bessent told CNBC's "Squawk Box" the US and Iran could reach a deal as soon as Tuesday or Wednesday to reopen the Strait of Hormuz, saying it would guarantee "freedom of movement" for commercial vessels rather than letting Iran impose tolls. He said shipping traffic has already begun recovering, with "quite a few ships coming out of Hormuz even now." His remarks reversed an earlier oil price rebound — WTI dropped nearly 4% to around $77 and Brent fell 3% to about $81 — as traders grew hopeful of a diplomatic resolution, even after Trump called Iran's leadership "unbelievably duplicitous" a day earlier and Iran's president said Tehran isn't seeking to escalate the conflict.