By Antoni Slodkowski and Liz Lee BEIJING, May 6 (Reuters) - Iranian Foreign Minister Abbas Araqchi met China's top diplomat in Beijing on Wednesday, underscoring close ties between the two countries shortly before U.

Oil prices fell sharply on increased investor hopes for a peace deal between the U.S. and Iran.

Secretary of State Marco Rubio said last week Washington had no objections to Iranian players participating in the tournament but no one with ties to the IRGC would be admitted to the country.

May 6 (Reuters) - Iran will only accept "a fair and comprehensive agreement" in its negotiations with the U.S. on ending the war in the Middle East, its foreign minister said on Wednesday, as President Donald Trump cited "great progress" in the process.

Defense Secretary Pete Hegseth said the ceasefire is holding despite Iran’s attacks on vessels in the Strait of Hormuz and its neighbors.

The president is trying to ratchet up the economic pressure on Tehran, but Iran’s government is unlikely to make a deal without a big, face-saving compromise.

Iranian warnings that it was in for the long haul amid Hormuz Strait clashes prompted the Pentagon to stress it was not 'looking for fight.'

United Arab Emirates is responding to the Iran after the regime launched its second consecutive day of strikes against Emirati oil terminals, targeting the critical pipeline that allows the UAE to bypass the regime's 'international extortion.

London's FTSE 100 looks set to open 1% higher, according to IG data. France's Cac 40 and Germany's Dax are on course to rise 0.8%.