Pakistan’s army chief is meeting with Iranian officials in Tehran to ease Middle East tensions and arrange U.S.-Iran negotiations. The Tehran meetings start Thursday even as China’s foreign minister told Iran that reopening the Strait of Hormuz is an international demand. The U.S. continues a naval blockade of Iranian ports, with new sanctions planned. Talks with Iran might resume in Islamabad. Meanwhile, Trump announced that Israeli and Lebanese leaders will speak to broker a ceasefire. In Australia, a fire at a major oil refinery has further threatened the nation’s fuel supply amid the ongoing Iran conflict.

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China’s economy accelerated in the first quarter of this year, expanding 5% from a year earlier as it largely shrugged off impacts from the Iran war so far. The January-March data released by the government on Thursday, covering a period during which the Iran war began, was better than what economists expected and was up from the 4.5% growth seen in the October-December quarter. Economists expect China to be able to weather short term impacts from the Iran war, now in its seventh week, but longer term China may face weaker demand for its exports and other headwinds.

Asian stocks are mostly higher and oil prices have steadied over expectations of an extension of a ceasefire in the Iran war and more talks between the U.S. and Iran. Markets in Japan, South Korea and China all gained Thursday. Brent crude, the international standard, was hovering around $95 a barrel. Investors are still optimistic that a two-week ceasefire agreement between the U.S. and Iran that is expiring next week will be extended and that the countries will discuss ending the war. On Wednesday, Wall Street hit a record as the benchmark S&P 500 climbed 0.8% and eclipsed its previous all-time high reached in January.

Pakistan’s army chief is set to meet with Iranian officials in Tehran in a bid to ease tensions in the Middle East and arrange a second round of negotiations between the United States and Iran after almost seven weeks of war. The U.S. naval blockade of Iranian ports continued as U.S. Treasury Secretary Scott Bessent said the Trump administration would ramp up economic pain on Iran with new economic sanctions on countries doing business with it, calling the move the “financial equivalent” of a bombing campaign. Pakistan has emerged as a key mediator after it hosted direct talks between the U.S. and Iran in Islamabad that authorities said helped narrow differences between the two sides. Mediators are seeking a new round before the ceasefire expires next week.

The leader of Iran’s joint military command has threatened to halt trade in the Gulf region if the U.S. does not lift its blockade of Iranian ports, while U.S. Central Command says no vessels have made it past U.S. naval forces during the first 48 hours of the blockade. U.S. President Donald Trump on Wednesday also said the war in Iran was “very close to over" and claimed China has agreed not to provide weapons to Iran. Treasury Secretary Scott Bessent said the U.S. may levy secondary sanctions on financial institutions that do business with Iran. Meanwhile, mediators have made progress with efforts to resume negotiations about a ceasefire extension.

President Donald Trump heads to Las Vegas to promote the tax cuts he signed into law last year, part of a push to focus on economic issues ahead of this year’s elections. But Thursday's effort to highlight the fact that workers who earn tips and overtime will get bigger returns this tax season is getting eclipsed by higher gas prices driven by the Iran war. The president’s trip out West is paired with a stop in Phoenix on Friday for an event with conservative political group Turning Point USA. The trip comes as Trump faces growing political pressure to wrap up the war and focus on a message that helps his party as they try to defend their majorities in November’s midterm elections.

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China reports its economy grew 5% in the January-March quarter, largely shrugging off initial impact from the Iran war.