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

The U.S. and Iran failed to reach a peace deal after 21 hours of negotiations.

President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israeli strikes targeting military and government sites.

Trump set a deadline for Iran to fully reopen the Strait of Hormuz or face broad strikes on its critical infrastructure. Hours before the deadline expired, Trump said he had agreed to suspend planned bombing for two weeks if Iran agreed to reopen the Strait of Hormuz.

Iranian Foreign Minister Abbas Araghchi then said that "safe passage through the Strait of Hormuz will be possible via coordination with Iran's Armed Forces and with due consideration of technical limitations."

Israeli Prime Minister Benjamin Netanyahu said he supported the ceasefire with Iran, but that Lebanon -- where intense Israeli strikes continued -- was not covered by the agreement, despite Iranian protests.


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Trump suggests 'joint venture' with Iran in Strait of Hormuz

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


Iranian missile, drone attacks continue around Persian Gulf

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


Maersk says ceasefire details 'limited' for Strait of Hormuz crossings

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


Vance says some Iranian officials are 'lying,' risking 'fragile' truce

Vice President JD Vance said the nascent ceasefire with Iran is "fragile" during his visit to Hungary on Wednesday.

"The Iranians have agreed to open up the Strait [of Hormuz]. The United States has agreed to stop attacking, and that not just the United States, but also our allies, have agreed to stop attacking. And that is the basis of this fragile truce that we have."

"You have some people on social media within their system who are basically lying about what we've accomplished militarily. They're lying about the nature of the agreement. They're lying about the nature of the ceasefire," Vance said of some Iranian officials.

"You have people who clearly want to come to the negotiating table and work with us to find a good deal, and then you have people who are lying about even the fragile truce that we've already struck," Vance added.

"If the Iranians are willing, in good faith, to work with us, I think we can make an agreement," Vance said. "If they're going to lie, if they're going to cheat, if they're going to try to prevent even the fragile truce that we've set up from taking place, then they're not going to be happy."

-ABC News' Chad Murray