US President Donald Trump asserted on Monday that the US and Iran have had “very good and productive” discussions over the last two days regarding a permanent end to the war.
“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,” Trump wrote on Truth Social.
Iranian parliament speaker Mohammad-Bagher Ghalibaf is leading the talks with the United States, a source told The Jerusalem Post.
Trump added that, based on the “tenor and tone” of the discussions, which he described as “in depth, detailed, and constructive,” he had instructed the Department of Defense to postpone planned military strikes on Iranian power plants and energy infrastructure.
According to the president, the delay will span a five-day period, "subject to the success of the ongoing meetings and discussions."
Trump's post contradicts a statement he published on the social media platform the day prior, when the president vowed the US would destroy Iran's power plants if the Strait of Hormuz was not fully opened within 48 hours.
Iran reportedly denies talks to end war
An Iranian source later denied that the US and Iran were holding talks about ending the war.
"There is no direct contact with Trump, not even through intermediaries. Trump retreated after hearing that our targets would be all power plants in West Asia," the unnamed source told the Iranian state-affiliated Fars News Agency.
Oil prices drop by over 13%
Oil prices fell shortly after Trump’s announcement, reflecting market expectations of potential de-escalation in the region.
Oil prices fell by over 13%. Brent crude futures LCOc1 had fallen around $17, or 15%, to a session low of $96 a barrel by 1108 GMT, while US West Texas Intermediate CLc1 had fallen $13, or about 13.5%, to a session low of $85.28.
President Trump told reporters later on Monday that he wanted there to be "as much oil in the system as possible" when asked about the US Treasury's decision last week to ease sanctions on Iranian oil stranded at sea.
Amichai Stein and Reuters contributed to this report.