Following President Donald Trump’s warning Saturday that Iran has 48 hours to reopen the Strait of Hormuz or incur heavy strikes on its energy infrastructure and Iran’s subsequent threat to target energy plants across the Middle East, Trump announced a five-day delay on his threat to strike energy production sites, citing productive talks with Tehran.

Iran denied the talks, saying that they had not been in any contact with the United States over the matter,and that the U.S. had backed down out of fear of Iranian retaliation.

Iran has maintained a chokehold over the crucial waterway, through which a fifth of the world’s oil is shipped, causing oil prices to spike around the world.

After Trump’s announcement, stocks rose and the dollar fell. His previous statement had rattled the global market.

Trump announced the new direction of the war in a Truth Social post.

“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 wrote in all caps. “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!”