Donald Trump has announced he is in talks with Iran for “a complete and total resolution of our hostilities in the Middle East".
The US leader said he has instructed the US to postpone "all military strikes against Iranian power plants and energy infrastructure" following “good and productive conversations” with Tehran.
Taking to Truth Social, Mr Trump said he would hold US warplanes back for five days, contingent on "the success of the ongoing meetings and discussions".
“I am pleased to report that the United States of America, and the country of Iran, have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East," he began.
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“Based on the tenor and tone of these in-depth, detailed, and constructive conversations, which will continue throughout the week, 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.
"Thank you for your attention to this matter," the US leader signed off.
Despite President Trump's statement, Iran's Fars news agency, citing a source, said there are no direct or indirect communications with the United States.
The Tehran news agency also said President Trump backed down on targeting Iranian power plants after Iran warned it would target power plants across West Asia in response.
Donald Trump says he has had 'productive' talks with the Islamic Republic
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A source briefed on Israel's war plans said Washington had kept it informed of its talks with Tehran, and that Israel was likely to follow Washington in suspending any targeting of Iranian power plants and energy infrastructure.
Prime Ministers Benjamin Netanyahu's office did not comment on US talks with Iran or Washington's decision to hold off on striking some Iranian targets.
On Saturday, President 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.
The White House set a deadline of around 7.44 pm EDT (11.44pm GMT) on Monday. Iranian attacks have effectively closed the Strait, which carries a fifth of global oil and liquefied natural gas.
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The US leader said that he had called off 'military strikes against Iranian power plants and energy infrastructure' for the time being
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Previously, Iran had vowed to continue grinding the global energy market into chaos and send oil prices soaring by shutting down the Strait of Hormuz.
A fifth of the world's oil and natural gas passes through the vital trade route every day.
Mohammad Bagher Ghalibaf, speaker of Iran’s parliament, warned that the move would cause crude prices to "rise for a long time".
Iran’s Revolutionary Guards also said the critical shipping route would be "completely closed".
Iran has seen global energy prices skyrocket by shutting down the Strait of Hormuz
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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.
China urged all parties involved in the Middle East conflict, particularly the US and Israel, to cease military operations, with Beijing officials warning of a "vicious cycle" in a war that analysts say if prolonged, could undermine global growth.
Beijing's special envoy to the Middle East Zhai Jun said: "The one who tied the bell must be the one to untie it."
In a separate briefing, foreign ministry spokesperson Lin Jian cautioned that the use of force would only lead to a "vicious cycle" and that the war should not have been started.
He said: "Should the hostilities continue to spread and intensify, the entire region will be plunged into chaos."
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