The leader of Iran's joint military command threatened Wednesday to halt trade in the Gulf region if the US does not lift its blockade of Iranian ports. Even so, US President Donald Trump said the war in Iran was “very close to over” in an interview that aired Wednesday.

Separately, Treasury Secretary Scott Bessent warned that the US is preparing to ramp up economic pain on Iran by levying secondary sanctions on financial institutions that do business with the West Asian nation. Bessent called the measure the “financial equivalent” of the bombing campaign.

Mediators' efforts to extend a US-Iran ceasefire made progress as the two sides are expected to hold another round of negotiations, regional officials said. But a senior US official said Washington has not formally agreed to extend the ceasefire. A Pakistani delegation arrived for talks in Tehran in the latest diplomatic move.

Israel, meanwhile, is pressing ahead with its aerial and ground war against the militant group Hezbollah in Lebanon, a day after the two nations held their first direct talks in decades.

Fire damages Australian oil refinery, further reducing nation's fuel supply threatened by the Iran war

Officials say there were no suspicious circumstances behind the blaze that broke out late Wednesday at the Viva Energy Geelong refinery southwest of Melbourne, and no one was injured.

The facility is one of two refineries in Australia and provides 10 per cent of the nation's gasoline, diesel and jet fuel.

Australia has agreed to underwrite two companies buying fuel at prices inflated by the war. Prime Minister Anthony Albanese warned last week that supply disruptions would “have a long tail” even if the Iran ceasefire holds.

The government had agreed to terms with Australia's largest suppliers Ampol and Viva Energy to underwrite contracts for gasoline and diesel bought on the spot market for prices above normal commercial rates, Albanese said.

Energy Minister Chris Bowen said Thursday it was too early to tell the extent of the fire's impact on gasoline production.

“The refinery is still producing diesel and jet fuel at reduced levels as a safety precaution,” Bowen told the Australian Broadcasting Corp.

On gasoline, Bowen said, “It's not a positive development. It will have an impact.” Firefighters said the blaze had been contained to the gasoline plant.

Sharif praises Saudi restraint

According to the statement, Sharif assured the Kingdom of Pakistan's “full solidarity and support” and praised what he described as Saudi Arabia's restraint under the crown prince's leadership.

Pakistan has a defense agreement with the Kingdom, which has faced retaliatory attacks from Iran in recent weeks, causing damage.

Pakistan's prime minister briefs Saudi crown prince on efforts to ease US-Iran tensions

Prime Minister Shehbaz Sharif met Saudi Crown Prince Mohammed bin Salman during a visit to the Kingdom, briefing him on Pakistan's efforts to ease US-Iran tensions and assuring him of Islamabad's “full support,” his office said before dawn Thursday.

Wednesday's meeting lasted more than two hours, and Sharif was accompanied by Foreign Minister Ishaq Dar.

The statement said the crown prince praised what it described as the constructive role played by Sharif and Pakistan's army chief, Field Marshal Asim Munir, in the peace process.

Sharif dispatched Munir to Tehran for talks with Iranian leaders.

Pakistan has long maintained close ties with Saudi Arabia while also keeping relations with Iran.

Military adviser to Iran's supreme leader says he does not support extending ceasefire, according to state media

“We are subject to the decisions of the relevant officials, but personally I do not agree to extend the ceasefire,” said Mohsen Rezaei, formerly a commander in the Iranian Revolutionary Guard Corps who now advises Mojtaba Khamenei on military affairs, Iranian state media reported.

Rezaei also urged officials to be more cautious than they had been before in negotiations over economic matters with the US.

He said Iran was setting the preconditions in the next round of talks, not the US.

“Unlike the Americans who are afraid of continuous war, we are fully prepared and familiar with a long war,” he said, according to the report.

Blockade has been fully implemented,' US admiral says

That's according to Adm. Brad Cooper, head of US Central Command, who says: “U.S. forces have completely halted economic trade going in and out of Iran by sea.” The command said Wednesday that no vessels have made it past its forces during the blockade's first 48 hours. The blockade began Monday.

Central Command noted that 10 vessels have complied with directions to turn around and return toward an Iranian port or Iran's coastal area.

The blockade is being enforced “impartially against all vessels of all nations entering or leaving coastal areas or ports in Iran,” the Command said. Vessels avoiding Iranian ports are not affected.

The action could put serious pressure on the Iranian economy, while Tehran's earlier cutoff of the waterway crucial to oil and gas supplies has sent energy prices higher.

Wall Street hits a record on hopes for an end to the Iran war

The US stock market hit a record Wednesday after adding to its two-week rally built on hopes the war won't create a worst-case scenario for the global economy.

The S&P 500 rose 0.8 per cent and eclipsed its prior all-time high set in January. After falling nearly 10 per cent below its record in late March, the index at the heart of many 401(k) accounts has since roared more than 10 per cent higher.

Much of the rally was due to expectations for calming tensions in the war and a resumption of the full flow of oil from the Persian Gulf. Hopes remained high as regional officials told The Associated Press that the US and Iran had an “in principle agreement” to extend a ceasefire to allow for more diplomacy.

Iranian state media says Iran-Pakistan talks have started

Iranian foreign minister Abbas Araghchi took part in a preliminary meeting with the Pakistani Army Chief of Staff, Asim Munir, in Tehran Wednesday, according to a report on IRIB, Islamic Republic of Iran Broadcasting.

The report said more extensive talks would continue Thursday to discuss latest communications with the US.

Pakistan is mediating talks between Washington and Tehran.

US official says Trump would welcome an end to the Israel-Hezbollah conflict

A US official says President Donald Trump would welcome an end to the Israel-Hezbollah conflict as part of a broader peace agreement between Israel and Lebanon but has not specifically asked for one.

The official, speaking on condition of anonymity to discuss the Trump administration's position during closed-door talks between Israel and Lebanon, said an Israel-Hezbollah truce is not part of peace negotiations the US is having with Iran.

Iran has demanded a truce between Israel and its proxy Hezbollah as a condition to return to talks with the United States.

Secretary of State Marco Rubio on Tuesday hosted the first talks in decades between high-level Israeli and Lebanese officials.

Israeli prime minister says forces will continue push in south Lebanon

Prime Minister Benjamin Netanyahu said the current fighting is concentrated in the strategic south Lebanon town of Bint Jbeil, where Israeli troops are about to “eliminate this great stronghold of Hezbollah.” Netanyahu, in a video address Wednesday evening, said he has given instructions for the military to continue to widen the security zone in south Lebanon — a reference to areas close to the border that the Israeli army now occupies — and to spread it eastward.

He said Israel is concurrently negotiating with Lebanon, with two central goals: disarming Hezbollah and a sustainable peace. “Peace through strength,” he added.

He also said the U.S. was updating Israel on the talks with Iran and that Israel was prepared for any scenario, should the fighting with Iran resume.

Published on April 16, 2026