President Donald Trump backed down on targeting Iran's power network on Monday, saying the U.S. and Iran have held constructive talks and that he would postpone any strikes on power plants and energy infrastructure.
Trump's move followed a threat by Iran to attack Israel's power plants and those supplying US bases across the Gulf region if the US targets Iran's power network.
Conversations with Iran will continue throughout the week, Trump said in a social media post, written entirely in capital letters.
"I have instructed the department of war to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five day period, subject to the success of the ongoing meetings and discussions," he wrote.
The dollar plunged and stocks surged following Trump's post.
On Saturday, Trump warned that Iranian power plants would be destroyed if Tehran failed to "fully open" the Strait of Hormuz to all shipping within 48 hours. Trump set a deadline of around 7:44 pm EDT (2344 GMT) on Monday.
Iranian attacks have effectively closed the Strait, which carries a fifth of global oil and liquefied natural gas.
More than 2,000 people have been killed in the war the US and Israel launched on February 28, which has upended markets, driven up fuel costs, fuelled global inflation fears and convulsed the postwar Western alliance.
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