00:00A major shift in the Middle East conflict tonight.
00:03U.S. President Donald Trump has backed down on targeting Iran's power network.
00:08He says Washington and Tehran have had very good and productive conversations over the past two days
00:15regarding a possible complete and total resolution to hostilities in the Middle East.
00:21As a result of those talks, Trump says he will postpone any strikes on Iranian energy infrastructure
00:29for a five-day period.
00:31The pause, he adds, is contingent on continued progress in those discussions this week.
00:37However, Iran's state media denied there were talks to end the war.
00:41Citing a source, Fast News Agency says there are no direct or indirect communications with the U.S.
00:49The statement from Trump triggered an immediate reversal in global markets.
00:53Brent crude plunged 13 percent, falling to $96 a barrel, before gaining marginally.
00:59In Europe, the FTSE 100 erased earlier losses to trade in positive territory.
01:05This disescalation follows a weekend of high tension where Trump had set a 48-hour deadline
01:11for the full reopening of the Strait of Hormuz.
01:14Tehran had initially vowed to close the strait entirely if its energy sector was targeted.
01:19While Iran says the strait remains open to all but hostile vessels,
01:24this five-day window marks the most significant move towards de-escalation
01:28since the conflict began four weeks ago.
01:30Iran retaliatory attacks have effectively disrupted the strait,
01:34which carries about a fifth of global oil and LNG.
01:39More than 2,000 people have been killed since the U.S. and Israel launched strikes on Iran on February
01:4528,
01:45a conflict that has upended markets, driven up fuel costs and sparked concerns of a global inflation.
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