On Monday, President Trump revealed that the United States has agreed to refrain from targeting Iran’s power and energy sectors for a period of five days. This decision follows what he described as “very good and productive talks” with Tehran over the weekend, aimed at resolving the three-week-old conflict.

Trump expressed optimism about the recent discussions, stating, “I am pleased to report that over the past two days, the United States and Iran have engaged in very good and productive conversations focusing on a comprehensive resolution to our hostilities in the Middle East,” without providing further details.

Highlighting the positive nature of these talks, Trump mentioned, “In light of the in-depth, detailed, and constructive conversations, which will continue throughout the week, I have directed the Department of War to delay any military strikes against Iranian energy infrastructure for five days, contingent on the progress of the ongoing dialogue.”

This announcement led to a sharp decline in oil prices before trading hours, with Brent crude dipping from nearly $109 per barrel to under $94, before recovering to above $97.

Previously, the president had issued a 48-hour ultimatum to Iran to reopen the crucial Strait of Hormuz, warning that failure to comply would result in the U.S. “obliterating their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!”

This statement also served as the first official acknowledgment of talks concerning the conclusion of Operation Epic Fury, initiated on February 28. Initially, Trump indicated the operation might last “four weeks or so,” suggesting an end date around March 28 for combat activities.

Trump had previously said that while Iran was interested in discussing a cease-fire after Tehran’s leadership was decimated, he was not.

“I don’t want to do a cease-fire. You know, you don’t do a cease-fire when you’re literally obliterating the other side,” the president told reporters as he left the White House Friday for a weekend at his Mar-a-Lago resort.

“From a military standpoint, all they’re doing is clogging up the strait. But from a military standpoint, they’re finished.”