MEMPHIS, TENNESSEE — President Donald Trump temporarily called off planned airstrikes on Iran on Monday morning after setting a 48-hour deadline for reopening the Strait of Hormuz. Trump said the Iranians were engaging in "constructive" talks with the United States.

Trump had given Iran the deadline on Saturday night, warning that the United States would target Iran's energy production infrastructure if the waterway was not reopened for international shipping. Iran said it would target energy and water infrastructure in the region in response.

United States and Israeli forces are carrying out airstrikes on targets in Iran. Iranian forces continue to fire missiles and launch drones against US forces and its Middle East allies.

On Friday, Trump said the US war against Iran was winding down. By Monday, he said the United States and Iran have major points of agreement, including 15 points of agreement, though he declined to provide details about the specifics.

"They want very much to make a deal," Trump said. He said the United States was having "very, very good discussions" with Iran.

"Iran has one more opportunity to end its threats to America and our allies. We hope they take it," Trump said.

Iranian government officials denied that substantive talks took place between the US and Iran. Iranian state media claimed that Trump backed down in the face of threats, citing a post on his Truth Social account.

Shipping traffic through the Strait of Hormuz remains limited. After Trump indicated the possibility of talks with Iran, US stock market indexes rose and global oil prices fell, according to market data. Trump returned to Washington, D.C., where a new five-day countdown to US attacks on Iranian power infrastructure will begin.