Investing.com -- The S&P 500 rose 2.25% while crude oil fell 11% following comments from President Donald Trump regarding military action against Iran.

Trump announced on Truth Social that he instructed the Department of War to postpone military strikes against Iranian power plants and energy infrastructure for a five-day period. The decision came after what he described as productive conversations between the United States and Iran over the past two days.

"I am pleased to report that 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. "Based on the tenor and tone of these in depth, detailed, and constructive conversations, which will continue throughout the week, 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."

Iran later denied having direct talks with Trump.

On Saturday, Trump threatened to target Iran’s power plants if the country did not fully reopen the Strait of Hormuz within 48 hours. The warning came a day after he discussed winding down the war, which is now in its fourth week.

Iran’s Revolutionary Guards said they would target Israel’s power plants and those supplying U.S. bases in the Middle East in retaliation against any attack on its electricity sector