Summary
- President Donald Trump says the US is pausing its operation to guide stranded vessels through the Strait of Hormuz
- Trump says the pause to "Project Freedom", which began on Monday, came because of "Great Progress" toward a deal with Iran
- Under "Project Freedom", the US said it would guide ships through the Strait of Hormuz and help restore the flow of oil from the region
- Iranian state media says Trump has "retreated" after "continued failures" to reopen the vital waterway for global shipping
- Iran will very likely characterise the pause of "Project Freedom" as a victory, our White House correspondent writes
- Earlier, US Secretary of State Marco Rubio said the offensive stage of the war with Iran is "over" as the objectives of Operation Epic Fury have been achieved
Published at 22:09
Australia to spend A$10bn on securing energy supplies
Image source,ReutersEdited by James Chater and Toby Mann
Australian Prime Minister Anthony Albanese has announced his government will spend A$10bn ($7.2bn; £5.3bn) on securing energy supplies, prompted by the ongoing crisis in the Middle East.
Under the package, Australia will establish a government-owned fuel reserve of around a billion litres, boosting the country's critical reserves of diesel and jet fuel to 50 days.
Earlier on Wednesday, Albanese told reporters: "This is aimed at making sure that Australians can have more confidence in protecting our energy sovereignty, not just during this crisis, but going forward as well, protecting our nation's energy interests."
Australia has faced some of its biggest ever spikes in petrol and diesel prices since the start of hostilities in Iran.
Published at 21:50
Chinese and Iranian foreign minsters meet in Beijing
China's foreign minister Wang Yi met his Iranian counterpart Abbas Araghchi for talks in Beijing on Wednesday, Chinese state news agency Xinhua reported, without giving further details.
Araghchi was set to "discuss bilateral relations and regional and international developments" with Wang, Iran's Fars news agency reported earlier.
Araghchi's trip comes before a scheduled visit to China next week by Donald Trump, who is due to meet Chinese President Xi Jinping.
Trump delayed his trip after his administration and Israel launched strikes on Iran.
Araghchi was set to "discuss bilateral relations and regional and international developments" with Wang, Iran's Fars news agency reported earlier.
Araghchi's trip comes before a scheduled visit to China next week by Donald Trump, who is due to meet Chinese President Xi Jinping.
Trump delayed his trip after his administration and Israel launched strikes on Iran.
Published at 21:33
Iran likely to characterise pause of Project Freedom as a victory
Bernd Debusmann Jr
White House reporter
Donald Trump's post announcing a "pause" in Project Freedom will come as a surprise to many.
It undercuts a day's worth of messaging from Secretary of State Marco Rubio, defence secretary Pete Hegseth and Joint Chiefs Chairman General Dan Caine - all of whom vowed that the operation will ensure freedom of navigation and commerce in the Strait of Hormuz and Persian Gulf.
What happens next is unclear.
Earlier, it was made clear that Project Freedom is a "separate and distinct" campaign from the blockade, which is meant to pressure Iran economically.
Project Freedom was meant to help restore the flow of oil from the region and the eventual return to normality of the global economy.
If during the "pause" global shipping firms and the insurance companies that work with them feel as though they are unable to move because of Iranian interference, that objective will be very difficult for Trump to claim has been achieved.
On the other hand, the administration will hope that the freeze in Project Freedom - which the Iranians strongly objected to - is seen as a gesture that helps bring them to the negotiating table again.
In the meantime, Iran will very likely characterise the pause as a victory.
Published at 21:33
White House reporter
Donald Trump's post announcing a "pause" in Project Freedom will come as a surprise to many.
It undercuts a day's worth of messaging from Secretary of State Marco Rubio, defence secretary Pete Hegseth and Joint Chiefs Chairman General Dan Caine - all of whom vowed that the operation will ensure freedom of navigation and commerce in the Strait of Hormuz and Persian Gulf.
What happens next is unclear.
Earlier, it was made clear that Project Freedom is a "separate and distinct" campaign from the blockade, which is meant to pressure Iran economically.
Project Freedom was meant to help restore the flow of oil from the region and the eventual return to normality of the global economy.
If during the "pause" global shipping firms and the insurance companies that work with them feel as though they are unable to move because of Iranian interference, that objective will be very difficult for Trump to claim has been achieved.
On the other hand, the administration will hope that the freeze in Project Freedom - which the Iranians strongly objected to - is seen as a gesture that helps bring them to the negotiating table again.
In the meantime, Iran will very likely characterise the pause as a victory.
Published at 21:33
Rubio says 'Operation Epic Fury' is over
Before President Donald Trump's announcement that the US would pause "Project Freedom", Secretary of State Marco Rubio gave a briefing at the White House confirming that "Operation Epic Fury" - the name given to the initial US-Israeli offensive against Iran - had finished.
"Operation Epic Fury is concluded. We achieved the objectives of that operation," Rubio said, adding the offensive stage of the war with Iran was "over".
Rubio said Trump would now prefer to reach a deal with Iran including a memorandum of understanding on how the Strait of Hormuz can be fully reopened.
"That's the route he prefers. That is so far not the route that Iran has chosen," Rubio said.
"Operation Epic Fury is concluded. We achieved the objectives of that operation," Rubio said, adding the offensive stage of the war with Iran was "over".
Rubio said Trump would now prefer to reach a deal with Iran including a memorandum of understanding on how the Strait of Hormuz can be fully reopened.
"That's the route he prefers. That is so far not the route that Iran has chosen," Rubio said.
US pauses operation to guide vessels through Strait of Hormuz
Image source,ReutersWe are resuming our live coverage and will bring you the latest developments on this page.
US President Donald Trump has halted the US military operation to escort ships through the Strait of Hormuz after less than 48 hours. However, a US blockade of Iranian ports will remain in place, he said.
Trump said he made the decision following a request by Pakistan - which has acted as a mediator between the US and Iran - because "Great Progress has been made toward a Complete and Final Agreement" with Tehran.
Iranian state media described the move as a "retreat" after Trump's "continued failures" to reopen the vital waterway for global shipping.
Shortly before Trump's announcement, US Secretary of State Marco Rubio had said the initial US-Israeli offensive in Iran - Operation Epic Fury - was "over" after its objectives had been achieved.
Stay with us as we bring you more updates.
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