AS IT HAPPENED: Albanese says Australia ready to support security for strait; Iran says Strait of Hormuz completely open; US maintains blockade on Iran; Trump says US will collect Iran's uranium

Thanks for joining our live coverage of the Middle East conflict across the day.

Here are today's key events:

- The Strait of Hormuz reopened to international shipping traffic today, though the United States is still blockading Iranian ports. US President Donald Trump said the strait is "open and/or rapidly opening".

- Even though the United States and Iran appear to be edging closer to a second round of talks to bring a more permanent end to the conflict, Trump admitted if no deal was reached to extend the ceasefire, he would not hesitate to resume attacks.

- Prime Minister Anthony Albanese joined a landmark meeting of world leaders that discussed the situation in the Middle East and the Strait of Hormuz. He confirmed Australia was ready to provide assistance to the United States, should it ask for it.

- Albanese also said Australia's fuel reserves are looking promising, with petrol prices continuing to fall across Australia.

Sleep doesn't appear to be on the mind of the US President tonight, as Donald Trump has shared an image - created by an account affiliated to him - calling himself "The Peace President".

He shared a screenshot of a social media post made by Trump War Room, an account on X that claims to be "The official War Room account of President Donald J. Trump's political operation."

In the photo, which includes President Trump, the phrase "THE PEACE President" appears in large gold writing, perhaps a reference to the temporary ceasefire the USA has brokered with Iran.

Trump has claimed a deal will soon be done to end the conflict permanently despite talks between Iran and the Vice President JD Vance last week ending with no deal.

US President Donald Trump claimed he "thinks" a deal with Iran will happen, but said he will not hesitate to resume attacks if one cannot be reached.

Speaking to reporters on Air Force One, he said: "I don't know. Maybe I won't extend it, but the blockade is going to remain," when asked whether the ceasefire will be extended after it expires next week.

"But maybe I won't extend it, so you'll have a blockade and unfortunately we'll have to start dropping bombs again."

Trump has apparently acknowledged the Strait of Hormuz may not be the clear shipping lane it was once again touted as just hours ago.

He posted to Truth Social about his eagerness to meet with Chinese counterpart Xi Jinping.

"President Xi is very happy that the Strait of Hormuz is open and/or rapidly opening," he said.

"Our meeting in China will be a special one and, potentially, Historic. I look forward to being with President Xi — Much will be accomplished!"

All eyes will indeed be on the meeting between Trump and Xi, supposedly in mid-May after the Iran war forced a reschedule.

However, the "and/or rapidly opening" suggests Trump could be aware that it's not mission accomplished on restoring global trade to normality just yet.

Unsurprisingly, Donald Trump's speech at a Turning Point USA event was heavy with references to Iran.

He repeated assurances that a deal was close, that Iran would give up their uranium, that the regime had agreed to not pursue a nuclear bomb.

He also again castigated NATO partners as "useless" for not offering aid, while also boasting the US had needed none.

Then his remarks took a turn at once unexpected and familiar.

"Very soon this great strength will also bring about a day, 70 years in waiting. It's called A New Dawn for Cuba," Trump said.

"We're going to help them out with Cuba. We have a lot of great Cuban Americans, not too many people in this audience, I don't think, but you go to Miami, we have people, Cuban Americans, people that were brutally treated, whose families were killed and brutalized, and now watch what happens."

Trump has frequently mentioned Cuba as a potential target for US intervention.

The US kidnapping of Venezuelan leader Nicolas Maduro stymied the flow of oil from that country to Havana, which heavily relied on those imports for essential power.

The US is holding firm on its blockade of the Strait of Hormuz even as Iran has said it will open it up to shipping.

US Central Command said it has turned around 21 ships leaving Iran since the blockade began.

This morning many ships have been playing chicken in the strait, moving to enter or exit the Persian Gulf before turning around.

Vessels are now clustered south of Qeshm Island unwilling to go past a certain point.

The Trump administration is considering unfreezing US$20 billion ($27.87 billion) in Iranian assets as part of ongoing negotiations with Tehran, according to two sources familiar with the discussions.

Officials are hoping that a broader deal to end the war could be finalized as early as this weekend, though some areas of disagreement remain, sources familiar with the discussions told CNN.

The idea of Iran benefitting financially is likely to cause some consternation among conservative hawks; President Donald Trump has repeatedly excoriated former President Barack Obama over a 2016 arrangement that involved a US$400 million ($557.49 million) cash delivery to Iran the same day the country released four American prisoners and formally implemented a nuclear deal.

Axios first reported that the unfreezing of US$20 billion in Iranian assets is under consideration.

"Productive conversations with Iran continue, but we will not negotiate via the press," White House spokeswoman Anna Kelly said in a statement.

Thousands of girls and women have marched through central Tehran, many of them carrying weapons including automatic rifles, in a pro-government rally.

State media reported it as a "Daughters Devoted to Iran" rally, but it also coincides with this year's Girl's Day, which celebrates the role of daughters in Iranian society.

Some of the women carried rifles that appear to have been plugged with flowers.

Pro-government protests have been common since the outbreak of the war.

Their encouragement by the regime is in stark contrast to protests that took place before the war, driven by economic frustration and anger with a leadership that seemed unable to respond to crises.

Militia and soldiers in that case took to the streets in response and are said to have killed thousands, according to a UN agency.

Depending on how you read it, Albanese may have just issued the mildest of rebukes to the US.

Asked by a reporter if he opposed the US blockade of Iranian ports, Albanese defaulted to the party line - but the party line is pretty clear.

"We want to see a de-escalation, we want to see freedom of navigation in the Strait of Hormuz," he said.

"Freedom of navigation is essential to global trade, and we want to see that occur."

Assuming he means freedom of navigation applies to legitimate trade with or from Iranian ports, it could be inferred that yes, he would like to see the US blockade end.

Albanese confirmed Trump - who has rebuked Australia for not offering unspecified assistance in his surprise war with Iran - was aware of last night's meeting and that a report was prepared for the White House.

"This was for countries that were not participants in the conflict," he said.

Albanese says military support is not the only contribution Australia could make to securing the strait.

He said the second conference in London in the coming week would be the place to discuss what specific assets might be required for the task.

"We spoke about the full range of support that might be required," he said.

"That could be diplomatic measures … we will continue to be a constructive contributor.

"It's fair to say we'll give consideration to requests which are made when we come together."