'Last chance': Bessent says Hormuz deal is in sight after Trump's warning on Iran talks

Treasury Secretary Scott Bessent has told CNBC a deal to reopen the Strait of Hormuz is in sight, after President Donald Trump warned that the latest round of negotiations with Iran is the "last chance" to bring an end to the five-month conflict.

"We are in talks with the Iranians," Bessent told CNBC's "Squawk Box" on Tuesday. "There is a chance we may have a deal today or tomorrow to open the Strait and move towards a more normalized position in this conflict."

The Treasury Secretary said the deal would allow freedom of movement in the strait when asked whether Iran would be allowed to charge a toll.

His words came after Trump told reporters in the Oval Office late on Monday that talks are "going on right now," at the request of Iran, Saudi Arabia, the United Arab Emirates, Qatar and others.

Tehran has continued to deny that any direct negotiations with the U.S. are taking place - or that there are plans to hold them in the future.

But Qatari foreign ministry spokesperson Majed Al Ansari said on Tuesday that its diplomats were working with other mediators, including Pakistan and Oman, to facilitate negotiations and exchange drafts between the U.S. and Iran.

"This is a last chance for them to sign a good document," Trump said.

In a Truth Social post earlier on Monday, Trump described Iran's leaders as "unbelievably duplicitous" and accused them of lying about peace talks that are underway, "whether Iran wants to admit it or not."

U.S. Central Command said on Monday it had redirected 44 commercial vessels as part of its ongoing blockade of the Strait of Hormuz, having disabled two and boarded two.