President Donald Trump announced he would suspend planned U.S. attacks on Iranian infrastructure for two weeks, contingent on Iran agreeing to open the Strait of Hormuz.

He described the pause as part of a potential “double-sided ceasefire” and said it followed discussions with Pakistani leaders.

The announcement came shortly before a deadline he had set for Iran to comply, which had raised global concerns and contributed to market volatility, including a sharp drop in oil prices.

Iran signaled willingness to allow safe passage through the strait during the two-week period while negotiations continue, CNBC has reported.

Both sides framed the development as progress, with plans to hold talks in Pakistan to work toward a longer-term agreement.