President Trump hints at an extended Iran blockade as its economy reels from the heavy cost of war.

Plus, AI jitters returned to Wall Street as four tech giants prepare to face investors.

And against a backdrop of consumer anxiety, why Starbucks is targeting service over deals. It's not going to be a game

of discounting or one-off promotions. I think people actually really do appreciate knowing, hey,

if this is a $3 cup of coffee or a $5 latte, I know I'm going to get a great experience for that

$5 experience. I'm in.

It's Wednesday, April 29th. I'm Luke Vargas for the Wall Street Journal, and here is the

AM edition of What's News, the top headlines and business stories moving your world today.

President Trump has instructed aides to prepare for an extended blockade of Iran, aiming to

compel the regime to give up its nuclear ambitions. That's after a Monday meeting in which officials

say that Trump rejected Iran's proposal for peace talks and assessed that his other options,

to resume bombing or walk away from the conflict, carried more risk than blocking Iranian ports.

Here's journal Foreign Correspondent, Margarita Stankati.

Tehran's deal essentially offered to stop its attack in the Strait of Hermuz

in exchange for full end to the war and the lifting of the U.S. blockade of the Iranian ports.

And as part of the deal, also, Tehran

wanted to postpone any discussions about Iran's nuclear program. And the U.S. sees that as evidence

that the blockade as an instrument of economic coercion is working. Trump's decision comes,

even though the blockade has driven up gas prices and hurt his polling ahead of the midterms.

Margarita says now the calculus for Iran and the U.S. looks increasingly like a zero-sum game.

The U.S. and Iran have both weaponized the Strait of Hormuz with the goal of forcing the other to rethink its political calculations.

But this comes at a cost.

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