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Negotiators trying to narrow down issues dividing the US and Iran
3:05 • Source: CNN
Negotiators trying to narrow down issues dividing the US and Iran
3:05
• “Project Freedom” paused: President Donald Trump said the US will pause its effort to guide vessels through the Strait of Hormuz, but will maintain its blockade of Iranian ports. Iranian state media characterized the move as a “US failure,” but oil prices dropped as Trump said “great progress had been made in talks with Iran.
• China’s role: Iran’s top diplomat is in Beijing for the first face-to-face meeting of the two allies’ foreign ministers since the war began. China, a close partner of Iran and the biggest buyer of Tehran’s crude oil, has called for an end to the conflict. Trump will meet Chinese leader Xi Jinping in Beijing next week.
• Ceasefire in Lebanon: Israeli strikes were reported across southern Lebanon, and Hezbollah claimed it had launched 18 separate attacks on Israeli forces in the past day, the most since the truce began. The fragile ceasefire in Lebanon is a key sticking point in US-Iran peace negotiations.
Oil prices are tumbling and stock markets rallying today on renewed hopes for a US-Iran settlement after President Donald Trump hailed “great progress” in diplomatic talks with Iran.
Brent crude, the global oil benchmark, slid 8% to $101 a barrel. WTI, the US benchmark, plunged 9.2% to $92.8 a barrel.
Meanwhile, S&P 500, Dow and Nasdaq futures all point to a stronger market open, following gains yesterday that took the S&P 500 to a fresh record at the close. In Europe, London’s FTSE 100, Germany’s DAX and the CAC 40 in Paris are up more than 2%.
Those rises follow solid gains in Asia, where major indexes closed higher across the board. South Korea’s Kospi jumped 6.45%, driven higher by Samsung’s 14.4% gain, which took the smartphone maker’s market value above $1 trillion for the first time.
The renewed focus on diplomacy comes after Trump paused his plan to guide ships through the blocked Strait of Hormuz — a measure that Tehran had responded to with renewed attacks, including on Gulf energy infrastructure.
“The prospect of a permanent peace deal remains highly uncertain, however, and oil looks set to remain very volatile,” said analysts at ING.
US gas prices jumped up to an average of $4.54 for a gallon of regular in in the latest AAA reading, up more than 5 cents from Tuesday. That marks the highest national average price for gas since July 2022.
Gas has risen 30 cents over the past week and now up 52% since the start of the war in Iran. Prices are rapidly approaching the all-time record of $5.02 set in 2022.
There could be some relief on the way. Oil futures were sharply lower in trading Wednesday, after after US President Donald Trump said there had been “great progress” in diplomatic talks with Iran.
But oil and gas prices have, at times, fallen sharply in recent weeks as traders grew optimistic about peace negotiations with Iran. But those declines have proven to be short-lived.
China is one of very few countries with leverage to reopen the Strait of Hormuz from Iran, but may also have an interest “in seeing the US sink deeper,” according to a Middle East expert.
“The Chinese could… play an important role through leverage that they hold over Iran, not only as Iran’s principal customer of oil but also as one of the two nations that shield Iran at the UN Security Council,” said Hasan AlHasan from the International Institute for Strategic Studies.
His comments follow Iranian Foreign Minister Abbas Araghchi’s visit to Beijing today, one week before US President Donald Trump’s planned arrival to meet President Xi Jinping.
China’s Foreign Minister Wang Yi affirmed China’s belief in Iran’s right to pursue nuclear energy, while also advocating for a ceasefire during their first face-to-face talks with Araghchi.
Sources familiar with the matter said the US war with Iran has potentially strengthened Beijing’s negotiation position over Washington.
Some context: Russia and China vetoed a UN Security Council draft resolution aimed at securing freedom of navigation in the Strait of Hormuz earlier in April.
CNN’s Max Feliu contributed to this report.
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“There is no ceasefire in Lebanon,” Hezbollah chief says
2:50 • Source: CNN
“There is no ceasefire in Lebanon,” Hezbollah chief says
2:50
President Donald Trump said the US will temporarily pause its operation to guide ships through the Strait of Hormuz, saying “great progress” has been made in peace talks with Iran.
Iran touted the “US failure to achieve its objectives in the so-called ‘Freedom Project’” in a statement on INSA, a state-run media outlet.
If you’re just joining us, here’s what else has been going on in the region:
- Oil prices are falling today after Trump said there had been progress in talks with Iran.
- China’s foreign minister told his Iranian counterpart in Beijing today that the US and Iran need to agree to a comprehensive ceasefire, while also saying that Tehran has the right to pursue nuclear energy.
- While in China, Iran’s Foreign Minister Abbas Araghchi said that, though Tehran is fully prepared to confront any hostile actions, it is also “serious and steadfast in the field of diplomacy,” Iran’s semi-official Fars news agency reported.
- Israeli strikes were reported on nearly a dozen towns across southern Lebanon yesterday, as Hezbollah claimed it had launched 18 separate attacks on Israeli forces in the past day, the most since the ceasefire began.
- A French shipping firm says crew members aboard one of its cargo ships were injured and the vessel was damaged when it was targeted in the Strait of Hormuz yesterday.
CNN’s Alejandra Jaramillo, Hanna Ziady, Sylvie Zhuang, Sophie Tanno, Charbel Mallo, Lucas Lilieholm and Todd Symons contributed to this reporting.
Lufthansa has warned it will increase ticket prices and cut flights to offset an expected €1.7 billion ($2 billion) increase to its jet fuel bill this year because of the closure of the Strait of Hormuz.
Germany’s largest airline group said Wednesday that the continued Middle East conflict is causing “enormous challenges” for the airline industry, and warned that “potentially reduced fuel availability later in the year represents an additional risk factor.”
However, Lufthansa noted that demand for air travel remained high and that it expected a “strong” summer travel season.
Carriers globally, from Qantas and Turkish Airlines to Virgin Atlantic and United, have hiked prices or cut flights, or both, because of the war.
Airlines around the world cut 13,000 flights, or almost 2 million seats, from their May flight schedules, according to aviation analytics firm Cirium.
Pakistan said it is “grateful” for US President Donald Trump for pausing “Project Freedom” in the Strait of Hormuz, saying it will lead to a “lasting agreement that secures durable peace and stability” for the region.
Trump announced that the US will temporarily pause its operation to guide ships through the waterway while maintaining the blockade, claiming that “great progress had been made toward a Complete and Final Agreement with Representatives of Iran.”
Pakistan’s Prime Minister, Shehbaz Sharif, thanked the US president for his decision, adding that was a response to the request of Pakistan and other countries, namely Saudi Arabia.
“The Kingdom of Saudi Arabia and my dear brother Crown Prince and Prime Minister of Saudi Arabia H.R.H Prince Mohammed bin Salman, will go a long way towards advancing regional peace, stability and reconciliation,” said Sharif in a post on X.
Iranian Foreign Minister Abbas Araghchi held a call with his Saudi counterpart Prince Faisal bin Farhan on Wednesday, covering the region’s latest developments.
Iran’s foreign minister held a meeting with his Chinese counterpart on Wednesday morning, during which he was briefed on the latest efforts to end the US-Israeli war with Iran.
Foreign minister Abbas Araghchi emphasised that while Tehran remains fully prepared to confront any hostile actions, it is also “serious and steadfast in the field of diplomacy,” Iran’s semi-official Fars news agency reported.
Also during the meeting, Araghchi stressed Tehran’s goal of strengthening relations with China, in the framework of a strategic partnership agreement signed between the two countries in 2021.
During his trip to Beijing, Araghchi also held a phone call with his Saudi counterpart, Faisal bin Farhan, according to Iran’s state broadcaster, Islamic Republic of Iran Broadcasting (IRIB).
Oil prices are falling today after US President Donald Trump said there had been “great progress” in diplomatic talks with Iran.
Brent crude, the global oil benchmark, fell 2.8% to $106.7 a barrel. WTI, the US benchmark, slipped 3.3% to $98.8 a barrel. The downward moves come after Brent settled at $114.4 a barrel on Monday, its highest closing price this year.
“Clear signals that the US-Iran ceasefire was still in place, even after some recent skirmishes,… helped oil prices to come back down again and ease fears about a renewed escalation,” Deutsche Bank analysts wrote in a note.
The renewed focus on diplomacy comes after Trump’s “Project Freedom” plan to guide ships through the blocked Strait of Hormuz was met with renewed Iranian attacks, including on a major oil port in the United Arab Emirates. Trump has since paused the measure.
Also today, Beijing reiterated calls for a prompt end to the war, during a meeting between China’s foreign minister and his Iranian counterpart, Abbas Araghchi. China is the biggest buyer of Iranian oil. Trump is due travel to Asia’s biggest economy next week for meetings with Chinese leader Xi Jinping.
Stock markets have also been cheered by the diplomatic push. Leading Asian indexes closed higher across the board. In Europe, major indexes in Paris, Frankfurt and London are up about 1.5% in morning trade.
The US and Iran must forge a comprehensive ceasefire while Tehran has the right to pursue nuclear energy, China’s foreign minister told his Iranian counterpart in Beijing during their first face-to-face talks since the war upended global energy supplies.
Regarding the virtual closure of the Strait of Hormuz, Wang Yi said Beijing “hopes the parties concerned will respond as soon as possible to the strong calls of the international community” to restore normal and safe navigation.
“China believes that a comprehensive cessation of hostilities admits of no delay, that restarting war is even more undesirable, ” he told Iran’s Abbas Araghchi on Wednesday, according to an English language readout from Beijing’s foreign ministry.
Wednesday’s meeting comes days before US President Donald Trump is set to make his own visit Beijing.
A French shipping firm says crew members aboard one of its cargo ships were injured and the vessel was damaged when it was targeted in the Strait of Hormuz on Tuesday.
The CMA San Antonio was transiting the strait yesterday and is thought to have been struck by a projectile.
“The injured crew members have been evacuated and are provided with the necessary medical care,” the company said in a statement Wednesday.
“CMA CGM is closely monitoring the situation and remains fully mobilized alongside the crew,” it added.
The maritime agency responsible for the waterway, UKMTO, reported a cargo ship being struck by an “unknown projectile” on Tuesday, without naming the vessel involved.
CNN’s Lynda Kinkade speaks with Selena Victor, Mercy Corps’ senior director for policy and advocacy, about the humanitarian effect of the blockade of the Strait of Hormuz.
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Crisis in the Strait of Hormuz is harming the world’s most vulnerable countries
2:49 • Source: CNN
Crisis in the Strait of Hormuz is harming the world’s most vulnerable countries
2:49
Iran’s foreign minister said cooperation between his country and China “will be stronger than ever,” Iranian state-affiliated media reported after he held discussions with his Chinese counterpart in Beijing.
During the meeting with China’s top diplomat, Wang Yi, Abbas Araghchi called Beijing “a sincere friend of Tehran,” Mehr news agency reported.
He also said that, “under current circumstances, cooperation between the two countries will be stronger than ever,” Mehr reported.
ISNA, another Iranian state-linked news agency reported Araghchi had said in the meeting that Tehran would “only accept a fair and comprehensive agreement” with the US.
China has not yet released its official comment on the meeting, which marks the first time the foreign ministers of the close allies have met since the beginning of the US-Israeli war with Iran.
The talks come ahead of US President Donald Trump’s meeting with Chinese leader Xi Jinping in Beijing next week.
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Iranian FM meets with Chinese counterpart to discuss “regional and international developments”
2:09 • Source: CNN
Iranian FM meets with Chinese counterpart to discuss “regional and international developments”
2:09
Iranian Foreign Minister Abbas Araghchi met with his counterpart in Beijing Wednesday, just one week before US President Donald Trump is set to touch down in China.
The first in-person meeting between the two allies’ top diplomats since the war began, Araghchi’s visit to China is the latest stop in his recent diplomatic tour, designed to drum up support for Iran and resolve the conflict with the US.
China has played a significant yet indirect role in the war, providing a financial lifeline to Tehran as its biggest oil importer while also working to mediate the conflict behind the scenes. Trump even suggested Beijing helped get Iran to the negotiating table.
In recent days, US officials have urged China to use its sway with Iran to pressure it to reopen the Strait of Hormuz.
Treasury Secretary Scott Bessent — who has been leading preliminary discussions with the Chinese ahead of Trump’s visit — said in an interview Monday China could do more to allow ships to pass through the strait.
And on Tuesday, US Secretary of State Marco Rubio accused Iran of “trying to hold hostage the global economy.”
At the same time, the US has ramped up economic pressure on China, targeting its so-called teapot refineries which buy sanctioned oil from Iran. In response, Beijing ordered its oil refineries not to comply with or enforce US sanctions.
Following Wednesday’s meeting, Araghchi said cooperation between Iran and China will be “stronger than ever,” calling Beijing “a sincere friend of Tehran,” according to Iranian state media Mehr.
Trump’s trip to China, where he is expected to sit down for a rare in-person meeting with Xi Jinping, is scheduled for May 14-15, according to the White House.
CNN’s Kit Maher, Kevin Liptak, Adam Cancryn, Zachary Cohen, Ross Adkin and John Liu contributed reporting.
Israeli strikes were reported on nearly a dozen towns across southern Lebanon on Tuesday as Hezbollah claimed it had launched 18 separate attacks on Israeli forces in the past day, the most since the ceasefire began.
At least three people were killed and one wounded in the Israeli attacks, which included airstrikes and artillery shelling, according to Lebanon’s NNA state news agency.
Israeli soldiers came under fire from Hezbollah rockets late Tuesday while they were operating in southern Lebanon, according to a statement from the military. No injuries were reported.
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“There is no ceasefire in Lebanon,” Hezbollah chief says
2:50 • Source: CNN
“There is no ceasefire in Lebanon,” Hezbollah chief says
2:50
Israel and the Iran-backed militant group have abided by an uneasy ceasefire since it was announced in mid April as part of a larger diplomatic effort to halt fighting between the US, Israel and Iran.
The deal has seen increasing violations in recent weeks.
Hezbollah has continued to demand that all Israeli forces must leave southern Lebanon while Israeli military leaders have vowed to stay until the threat from the group is eliminated.
Ahead of a visit to Beijing by Iran’s top diplomat, China ordered its oil refineries that purchase crude from Tehran not to comply with or enforce US sanctions on Iranian oil.
China’s commerce ministry on Saturday for the first time invoked a 2021 law that protects Chinese interests against foreign laws or measures. State media said the move “uses the power of the rule of law to precisely counter the US’s ‘long-arm jurisdiction’,” Reuters reported.
The Treasury Department has been ramping up pressure against the so-called teapot independent refiners in China that have continued to source Iranian crude and petroleum products. It has imposed sanctions on five such refineries with the latest addition in late April targeting one of Iran’s largest customers – Hengli Petrochemical, which has bought billions of dollar’s worth of crude.
On Monday, Treasury Secretary Scott Bessent said that China’s purchases of Iranian crude amounted to supporting terrorism, urging Beijing to step up diplomacy to help reopen the Strait of Hormuz – the critical oil and gas shipping route that has been effectively shut since the war began.
Iranian foreign minister Abbas Araghchi met his Chinese counterpart Wang Yi in Beijing on Wednesday, the first meeting between the two allies’ top diplomats since the Iran war began.
Araghchi’s visit came just a week ahead of the much-anticipated summit between President Donald Trump and Chinese leader Xi Jinping in Beijing
China cautiously views the months-long war with Iran as having potentially strengthened its negotiating position with the US, according to Chinese sources familiar with the matter.
The rare in-person meeting, already once delayed due to the war, is now scheduled for May 14-15, according to the White House. Several sources indicate Beijing views the high-stakes summit as a singular opportunity to secure a more stable long-term relationship with its largest economic and military competitor.
But despite the perceived advantage, sources said Beijing remains extremely cautious, with opinion among government insiders split as to how to navigate the myriad complications unleashed by the conflict, not least the prospect of the Strait of Hormuz – through which China imports about a third of its oil and gas – remaining closed when Trump arrives in the Chinese capital.
Trump’s visit “is not the same as any other heads-of-state visit,” said a Chinese source under the condition of anonymity due to the sensitivity of the matter. “Trump’s time in office is likely to have a lasting impact on the world order and has already fundamentally altered how the US views its own interests.”
“Whether his visit is successful or not will have a long-term impact on future arrangements between China and the US, regardless of whether the Democrats or the Republicans come to power,” said the source.
A renewed focus on diplomacy has emerged in the war with Iran as the US blockade of the Strait of Hormuz continues and the squeeze on global shipping keeps oil prices sky high.
Iran’s top diplomat has traveled to Beijing for the first face-to-face meeting with his Chinese counterpart since the war began. China is a top buyer of Tehran’s crude, and its diplomats have called for an end to the war.
The meeting comes hours after President Donald Trump announced a pause of his “Project Freedom” operation in the strait, citing progress in negotiations with Iran.
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Trump abandons two-day-old operation to safeguard ships in Strait of Hormuz, citing progress in Iran talks
2:56 • Source: CNN
Trump abandons two-day-old operation to safeguard ships in Strait of Hormuz, citing progress in Iran talks
2:56
Here are the latest developments:
• Iran’s top diplomat in China: Foreign ministers of the allies are set to discuss “bilateral relations as well as regional and international developments,” today Iran’s Foreign Ministry said. Yesterday, US Secretary of State Marco Rubio urged Beijing to tell Araghchi Iran’s actions are causing the country to be “globally isolated.”
• Rubio touts “Project Freedom” hours before it was paused: Rubio said Tuesday the US combat operation in Iran had ended, with the US shifting its focus to “Project Freedom.” The operation, which began Monday, aimed to guide commercial ships through the strait with the help of US military assets.
• Iran responds: Iranian state-run media outlets characterized Trump’s pause on “Project Freedom” as the US president backing down “following firm positions and warnings from Iran.”
• Iran’s new rules for strait: Before “Project Freedom” was paused, Iran said ships hoping to cross the Strait of Hormuz need to obtain a permit from Tehran and stick to a specific route or risk being met with “decisive action.”
• Ship struck in the strait: A cargo vessel in the Strait of Hormuz was hit by an unknown projectile, a UK-based maritime agency said Wednesday. Details on when the strike happened or whether there were any injuries weren’t immediately available.
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