US and Iran appear to move closer to ending their war as Trump threatens more bombing

WASHINGTON (AP) — The United States and Iran appeared to be moving closer Wednesday to an initial agreement to end the war, as U.S. President Trump sought to pressure Tehran with threats of a new wave of bombing if a deal is not reached.

Trump posted on social media that the two-month war could soon end and that oil and natural gas shipments disrupted by the conflict could restart. But he said that depends on Iran accepting a reported agreement that the president did not detail.

“If they don’t agree, the bombing starts,” Trump wrote.

Trump made his latest comments after he suspended a short-lived U.S. effort to force open a safe passage for commercial ships through the Strait of Hormuz, a vital waterway through which major oil and gas supplies, fertilizer and other petroleum products passed before the war.

Iran’s effective closure of the strait has sent fuel prices skyrocketing, rattled the global economy and put enormous economic pressure on countries, including major powers such as China.

China’s foreign minister called for a comprehensive ceasefire Wednesday after meeting in Beijing with Iran’s top envoy. Wang Yi said his country was “deeply distressed” by the conflict, which began Feb. 28 when the U.S. and Israel launched strikes against Iran.

China’s close economic and political ties to Tehran give it a unique position of influence. The Trump administration is pressing China to use that relationship to urge the Islamic Republic to open the strait.

Report says Washington closer to a deal with Tehran

The White House believes it is near an agreement with Iran on a one-page memorandum to end the war, according to reporting by Axios. There is not an agreement yet, but the provisions include a moratorium on Iranian uranium enrichment, lifting of U.S. sanctions, distribution of frozen Iranian funds and opening the strait for ships.

The White House did not immediately respond to questions about the possible agreement.

Trump said in his social media post that it was “perhaps a big assumption” that Iran would agree to the terms being offered by the United States.

“If they don’t agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before,” Trump said.

A shaky ceasefire between the U.S. and Tehran has largely held since it began April 8. Pakistan hosted in-person talks last month between Iran and a U.S. delegation led by Vice President JD Vance, but the talks failed to result in a deal.

Trump also due to visit China

Iranian Foreign Minister Abbas Araghchi’s visit to China was his first since the war began.

His arrival came ahead of a planned visit by Trump to Beijing for a high-profile summit on May 14 and 15 with Chinese President Xi Jinping. The trip would be Trump’s first to China during his second term and the first by a U.S. president since Trump visited in 2017.

“We believe that a comprehensive ceasefire is urgently needed, that a resumption of hostilities is not acceptable, and that it is particularly important to remain committed to dialogue and negotiations,” Wang said in a video of the meeting.

The Chinese foreign minister said the conflict “has not only caused serious losses to the Iranian people, but also had a severe impact on regional and global peace.”

In a televised interview with Iran’s state media from Beijing, Araghchi said his visit included discussions of the Strait of Hormuz as well as Iran’s nuclear program and sanctions imposed on Tehran.

Iran has attained “an elevated international standing” after the war, having proven its capabilities and strength, Araghchi said.

U.S. Secretary of State Marco Rubio expressed hope that Beijing would reiterate the need for Iran to release its chokehold on the strait, its main source of leverage, as Trump demands a major rollback of its disputed nuclear program.

A statement published on the Chinese Foreign Ministry’s website said China values Iran’s pledge not to pursue nuclear weapons while affirming its “legitimate right to the peaceful use of nuclear energy.”

Shipper says strait shutdown costing $60M per week

Hundreds of merchant ships remain bottled up in the Persian Gulf, unable to reach the open sea without passing through the Strait of Hormuz.

The U.S. said it had opened a safe shipping lane through the strait Monday and sunk six small Iranian boats that had threatened commercial ships. But Trump announced Tuesday he was pausing the effort, dubbed Project Freedom, to see whether an agreement with Tehran on ending the war could be reached.

A cargo container ship operated by the CMA GGM Group was damaged, and multiple crew members were wounded when it came under attack while transiting the strait Tuesday, the French shipping company said without providing details. It said the injured crew members were taken off the ship and are receiving medical treatment.

Oil prices and shipping will not likely return to normal until the risk of attacks in the strait has receded, said Kaho Yu, head of energy and resources at risk intelligence company Verisk Maplecroft.

“Refiners, shippers and commodity traders will remain cautious until there is clearer evidence that Hormuz disruptions will not re-escalate,” he said.

Among them is Hapag-Lloyd, one of the world’s largest shipping companies. It said in a statement that the strait’s shutdown is costing it around $60 million per week, with rising fuel and insurance costs hitting particularly hard. The company said alternate routes to other harbors or over land are limited.

Only two American-flagged merchant ships are known to have passed through the U.S.-guarded route.

An oil and chemical tanker operated by Crowley-Stena Marine Solutions safely exited the Persian Gulf on Monday, the company confirmed. Shipping company Maersk earlier said one of its vehicle carriers had also transited the strait “accompanied by U.S. military assets.”

The spot price of Brent crude oil, the international standard, fell to around $100 per barrel Wednesday, easing significantly from big price jumps earlier in the week. The prices are still well above the roughly $70 a barrel that crude was selling for before the war began.
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Castillo reported from Beijing and Bynum reported from Savannah, Georgia. Associated Press writers Elena Becatoros in Athens, Greece; Munir Ahmed in Islamabad; Toqa Ezzidin in Cairo; David McHugh in Frankfurt, Germany; and Adam Schreck in Dubai, United Arab Emirates, contributed to this report.