US President Donald Trump has sparked confusion over the possibility of jointly controlling the Strait of Hormuz with Iran's Ayatollah, in comments that followed 'productive conversations' with the country.
Trump's statement on Monday came after an intense week of drone and missile exchange that saw key energy-led plants getting hit.
The Strait of Hormuz, a key waterway through which 20 per cent of the world's oil and liquefied natural gas flow, has been virtually closed off since the February 28 US-Israeli strikes on Iran.
Trump set a deadline of around 7:44 pm EDT (2344 GMT) on Monday for Iran to 'fully open' the Strait of Hormuz to all shipping within 48 hours, with the threat of destroying Iranian power plants if Tehran failed to comply.
However, in a U-turn, Trump said the US is postponing strikes against Iran's energy infrastructure for a 'five day period' after 'productive conversations' with the country.
Iran's Fars news agency, citing a source, said there are no direct or indirect communications with the United States.
Trump's statement on postponing strikes resulted in swift reaction from markets, with Brent crude oil futures falling sharply, the dollar falling against other major currencies, stock markets rallying and government borrowing costs falling back.
