President Donald Trump announced Monday that the United States would postpone planned military strikes against Iranian power plants and energy infrastructure for five days, saying U.S. envoys had engaged in “very good and productive conversations” with Iranian officials toward ending the ongoing Middle East conflict. The announcement sent global markets sharply higher and oil prices plunging — but Iranian leaders swiftly rejected Trump’s claims of active diplomacy, calling them an attempt to manipulate energy markets and buy time.
Trump Orders Pentagon to Stand Down — For Now
In a post on his Truth Social platform Monday morning, Trump said he had instructed the Pentagon to delay all strikes against Iranian power plants and energy infrastructure for a five-day window, contingent on the progress of ongoing diplomatic discussions. “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.
Speaking later at an event in Memphis, Tennessee, Trump told reporters that Tehran “wants peace” and that a comprehensive deal was within reach. “They want to make a deal badly, and it could happen within five days,” Trump said during a Fox Business Network interview, expressing optimism about the pace of diplomatic progress. He described the discussions as reaching agreement on nearly every major point of contention between Washington and Tehran.
The announcement represented a significant reversal from Trump’s earlier ultimatum demanding that Iran reopen the Strait of Hormuz — a critical chokepoint for global oil shipping — under threat of direct military action against Iranian energy infrastructure. Trump had set a hard deadline that now appeared to be extended by an additional five days as talks continue.
Witkoff and Kushner at the Center of Diplomacy
According to sources familiar with the negotiations, Trump’s son-in-law and senior adviser Jared Kushner and U.S. Special Envoy Steve Witkoff were the key American figures in the diplomatic channel, having spoken with a “top person” in Iran on Sunday evening. An Israeli official told Axios that Witkoff and Kushner had been in direct contact with Mohammad Bagher Ghalibaf, the Speaker of the Iranian parliament, as part of the back-channel effort.
Mediating countries were reportedly working to convene a formal meeting in Islamabad, potentially bringing together Ghalibaf and other Iranian officials with Witkoff, Kushner, and possibly Vice President JD Vance representing the United States — possibly as early as later this week. Trump told reporters the two sides had reached agreement on what he described as “almost all points,” including Iran halting uranium enrichment, surrendering its existing enriched uranium stockpiles, and agreeing to reopen the Strait of Hormuz to international shipping.
Iran Denies Any Direct Talks with Washington
The Iranian government offered a starkly different account of events. Iran’s Foreign Ministry said flatly that “there is no dialogue between Tehran and Washington,” directly contradicting Trump’s characterization of productive bilateral discussions. Parliament Speaker Ghalibaf — whom Trump’s team claimed was a direct participant in the talks — went further, stating publicly that “no negotiations have been held with the U.S.” and accusing Trump of deliberately misrepresenting the situation.
Ghalibaf charged that Trump’s announcement was designed to “manipulate the financial and oil markets and escape the quagmire in which the U.S. and Israel are trapped.” Iranian officials also issued a renewed warning, threatening to mine the “entire Persian Gulf” if the United States proceeded with strikes against Iranian energy infrastructure, raising the stakes dramatically in the already tense standoff.
The conflicting narratives left analysts and policymakers uncertain about whether a genuine diplomatic opening had emerged or whether Trump’s announcement was part of a broader pressure strategy ahead of any potential military operation.
Markets Surge as Oil Prices Crater
Despite the confusion over whether real talks were underway, global financial markets reacted decisively to Trump’s announcement. The Dow Jones Industrial Average surged more than 975 points at its intraday peak before closing up 631 points, or 1.38%, at 46,208. The S&P 500 gained 1.15% and the Nasdaq Composite added 1.38% by the close of trading.
Oil markets moved even more sharply. Brent crude, the international benchmark, fell more than 10% to approximately $100.87 per barrel, having plunged as much as 13% during the session. U.S. crude dropped 9.5% to around $88.90 per barrel. The dramatic decline reflected investor hopes that the Middle East conflict, which had pushed energy costs to levels not seen since the 1970s oil shock, might be approaching a resolution — or at least a pause.
A Diplomatic Window — or a Delay?
The five-day window Trump announced will expire later this week, and the outcome of that period could determine whether the United States proceeds with what would be a major escalation in the Middle East conflict. White House officials have not publicly outlined what specific benchmarks Iran would need to meet for the pause to be extended further.
For now, the ball appears to be in Tehran’s court — even as Iranian leaders publicly insist there is no game being played. With oil markets rattled, global shipping anxious about the Strait of Hormuz, and millions of people in the region living under the shadow of expanded war, the next five days carry significant consequences far beyond Washington and Tehran.