President Donald Trump backed down on targeting Iran’s power network on Monday, saying the U.S. and ​Iran have held constructive talks and that he would ‌postpone any strikes on power plants and energy infrastructure, Reuters reported.

Trump’s statement came after Iran threatened to attack Israel’s power plants and those supplying U.S. bases ​across the Gulf region if the U.S. targets Iran’s ​power network.

The dollar plunged and ​stocks surged following Trump’s post.

The United States and 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 ​in a post on Truth Social.

“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.”

On Saturday, Trump warned that Iranian power plants would be destroyed if Tehran failed to “fully open” ​the Strait of ​Hormuz to ⁠all shipping within 48 hours. Trump set a deadline of around 7:44 p.m. EDT (2344 GMT) on ​Monday.

Iranian attacks have effectively closed the Strait, which ​carries a ⁠fifth of global oil and liquefied natural gas, read the report.

More than 2,000 people have been killed in the war the U.S. and Israel ⁠launched ​on February 28, which has upended markets, ​driven up fuel costs, fuelled global inflation fears and convulsed the postwar Western ​alliance.

An attack on Iran’s southern coast and islands will lead to ​Gulf routes being cut with the ‌laying of sea mines, the country’s Defence Council said on Monday according to state media, Reuters reported.

The ​U.S. is considering plans to occupy, opens new tab or ​blockade Iran’s Kharg Island, the country’s main ⁠oil export hub, to pressure Tehran ​to reopen the Strait of Hormuz to ​all shipping, according to Axios.

“Any attempt to attack Iran’s coasts or islands will cause all access routes ​in the Gulf (…) to be mined ​with various types of sea mines, including floating ‌mines ⁠that can be released from the coast,” the statement read.

“In this case, the entire Gulf will practically be in a situation ​similar to ​the ⁠Strait of Hormuz for a long time (…) One should not forget ​the failure of more than ​100 ⁠minesweepers in the 1980s in removing a few sea mines.”

The Defence Council recalled that ⁠non-belligerent ​states can only pass through ​the Strait of Hormuz by coordinating passage with Iran.