US and Iran near deal to end Hormuz standoff

The United States and Iran may be close to reaching an agreement to end their two-month conflict, with President Donald Trump stating on Wednesday that negotiations have been ongoing for 44 hours and expressing optimism that a deal is "very possible." Trump warned through social media that bombing would resume at "a much higher level and intensity" if Iran does not accept terms to reopen the Strait of Hormuz, a critical waterway for global oil shipments that Tehran has effectively shut down. The White House believes a one-page memorandum is near, reportedly including a moratorium on Iranian uranium enrichment, the lifting of US sanctions, distribution of frozen Iranian funds, and the opening of the strait. Oil prices stabilized Thursday after a dramatic plunge the previous day, with Brent crude hovering around $100 to $101 per barrel as investors reacted to hopes of the conflict ending. The ceasefire between Washington and Tehran has largely held since April 8, though the US military confirmed Wednesday that a fighter jet shot out the rudder of an Iranian oil tanker attempting to breach an American blockade in the Gulf of Oman. Meanwhile, Israel conducted its first strike against Beirut's suburbs since a ceasefire took effect nearly three weeks ago, targeting the commander of Hezbollah's elite Radwan Force despite the truce with Lebanon. China's Foreign Minister Wang Yi called for a comprehensive ceasefire during a meeting in Beijing with Iranian Foreign Minister Abbas Araghchi, whose visit included discussions about the Strait of Hormuz, Iran's nuclear program, and sanctions. The conflict, which began February 28 with US and Israeli strikes against Iran, has disrupted hundreds of merchant ships in the Persian Gulf, with shipping companies like Hapag-Lloyd reporting losses of approximately $60 million per week. Trump is scheduled to meet Chinese President Xi Jinping at a high-profile summit on May 14-15, with the US pressing Beijing to use its influence with Tehran. Additionally, three healthcare workers were wounded during an Israeli attack in Deir Kifa, southern Lebanon, prompting World Health Organization Director-General Tedros Adhanom Ghebreyesus to call for the protection of medical personnel in occupied areas.