After talks with China's Xi, US president says Iran must reopen Strait of Hormuz and abandon its nuclear ambitions as he seeks Beijing's backing to end a war disrupting global energy supplies

The president’s comments come as the latest federal statistics show inflation rose to its highest point in three years.

The BBC reported that a ship seized near the Strait of Hormuz served as a 'floating armory' for maritime security firms, as Iran opened the waterway to Chinese ships during…