Image source, Reuters

As we've been reporting, Trump posted on Tuesday announcing that he was pausing the military operation, first announced on Sunday, to guide commercial ships through the Strait of Hormuz.

Here's his post in full:

Based on the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran, we have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed. President DONALD J. TRUMP

Image source, Reuters

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.

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.

Iran likely to characterise pause of Project Freedom as a victorypublished at 05:33 BST

05:33 BST

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.

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.

Image source, Reuters

We 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.