Overview
- President Trump arrived in Beijing on Wednesday for meetings with Xi after saying the U.S. can end the Iran war without Chinese help.
- Negotiations with Tehran remain stuck as the monthlong ceasefire wobbles and both sides trade demands over Iran’s nuclear program and control of the Strait of Hormuz.
- Washington tightened pressure with new sanctions on Chinese and Iranian firms and U.S. forces enforcing a maritime blockade led by the carrier Abraham Lincoln.
- The conflict has squeezed oil supplies, with the IEA warning of a 3.9 million barrels per day shortfall in 2026 and Brent crude hovering near $107 a barrel.
- U.S. assessments say Iran has restored access to most missile sites near Hormuz, while Tehran cuts oil transport deals with Iraq and Pakistan that could entrench its grip on the waterway.