ERBIL, Kurdistan Region of Iraq - US President Donald Trump on Monday said Iran and the US have engaged in "productive conversations" to resolve all hostilities, adding that he has called for a halt to all strikes targeting Iranian energy infrastructure for five days, as talks continue.

"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 said.

The announcement comes with Trump’s deadline for Iran to open the Strait of Hormuz, otherwise threatening to attack their powerplants.

"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," Trump said.

The US-Israel war with Iran is nearing its fourth week, with daily airstrikes on Iran and its proxies and retaliatory Iranian strikes across the region.

The war has posed a stark risk to the global economy, as the two sides scramble to gain the upper hand on one another. An Israeli airstrike targeted Iran's key South Pars gas field earlier in March, prompting Iran to carry out strikes on Qatar's Ras Laffan refinery, which is responsible for producing around 20 percent of the world's supply of LNG.

The escalations prompted Trump to deny US and Qatari involvement on the strike on South Pars, and said that Israel will not attack the key facility again.