Trump made the announcement on his Truth Social site Monday, just hours ahead of a deadline later in the day.
Writing in all capital letters, he said the U.S. and Iran have had “very good and productive conversations” that could yield “a complete and total resolution” in the war. Talks will continue “throughout the week,” Trump said.
Shortly after Trump made the announcement on his Truth Social site, Iranian state television put up a graphic that read: “U.S. president backs down following Iran’s firm warning.” The reprieve came hours ahead of Trump's self-imposed deadline later in the day.
Earlier, Iranian Foreign Minister Abbas Araghchi said he spoke by phone with his Turkish counterpart, Hakan Fidan. Turkey has been an intermediary before in negotiations between Tehran and Washington.
Trump’s announcement came as the United Arab Emirates reported its air defense were attempting to intercept new incoming Iranian fire Monday afternoon.
Earlier Monday, Iran warned it would strike electricity plants across the Middle East and mine the Persian Gulf after Trump threatened to bomb power stations in the Islamic Republic if it did not reopen the strait.
Meanwhile, Wall Street shot higher and global oil futures tumbled Monday after President Trump's announcement.
Futures for the S&P 500 and Dow Jones Industrial Average rose 1.3% before the opening bell. Nasdaq futures were up 1.2%.
Oil prices also immediately reversed course, sinking as much as 10% at one point. Benchmark U.S. crude slid $5.38 to $92.85 a barrel. Brent crude, the international standard, tumbled $5.94 to $106.25 a barrel.
