President Trump says US Navy will begin blockade of Strait of Hormuz

Iranian state media reported that new missile and drone attacks on the United Arab Emirates and Kuwait came hours after Iranian oil facilities were targeted in airstrikes on Lavan Island on Wednesday.

The Lavan oil refinery facility was hit at 10 a.m. local time (2 a.m. ET), according to a statement from the National Iranian Oil Refining and Distribution Company. The attacks started a fire but caused no casualties, the statement said.

-ABC News' Somayeh Malekian

President Donald Trump told ABC News on Wednesday morning that the U.S. may seek a "joint venture" with Iran to safeguard the Strait of Hormuz, following his Tuesday announcement of a two-week ceasefire.

"We're thinking of doing it as a joint venture. It's a way of securing it -- also securing it from lots of other people," Trump said when asked whether he would allow Tehran to charge tolls for shipping to transit the strategic waterway. "It's a beautiful thing," the president added.

Trump also said he would not allow Iran to retain any uranium enrichment capabilities, despite Tehran's repeated assertions that it will not give up its freedom to do so. "There won't be any enrichment," Trump said.

American forces in the region will also not be leaving, Trump said, suggesting they would remain in place to enforce any future agreement.

Trump said he expected peace talks to start on Friday and to move very quickly. The president also confirmed that China played a key role in dealing with the Iranians.

-ABC News' Jonathan Karl

Iran continued to fire missiles and drones at Persian Gulf nations on Wednesday, according to statements from regional authorities, despite Tuesday's announcement of a two-week ceasefire.

The United Arab Emirates' Defense Ministry said in a post to X on Wednesday that it was "engaging" missiles and drones launched from Iran.

Kuwait's Army General Staff Headquarters said its air defenses were dealing with "an intense wave of hostile Iranian criminal attacks" beginning at 8 a.m. local time on Wednesday. The post said 28 drones were intercepted.

The Headquarters reported "significant material damage to oil infrastructure facilities, power stations and water desalination plants."

The Bahrain Defence Force said Wednesday that its forces downed 31 drones and six missiles over the previous 24 hours.

-ABC News' Othon Leyva

The announcement of a temporary ceasefire "may create transit opportunities, but it does not yet provide full maritime certainty," in the Strait of Hormuz, Danish shipping company Maersk told ABC News in a statement on Wednesday.

Maersk, one of the largest container shipping groups in the world, said it welcomed the announcement of a ceasefire but that, "information and details available remain very limited and we are working with urgency to obtain further clarity."

"Any decision to transit the Strait of Hormuz will be based on continuous risk assessments, close monitoring of the security situation, and available guidance from relevant authorities and partners," the group said, adding that for now, no changes were being made to its services.

-ABC News' Victoria Beaule