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A temporary break in hostilities between the U.S. and Iran appeared to hold on Monday, even as Tehran denied media reports that it had agreed to a 10-day ceasefire.

The detente followed reports in U.S. media that said reduced munitions stockpiles were factoring into U.S military decision making.

The New York Times reported that President Donald Trump has "set aside, at least for now" plans to escalate the war against Iran, as such a move could drain already diminished stockpile of Patriot interceptors and other air defense munitions in the Middle East.

NBC News reported that the shortage of munitions were already having an effect, with U.S. forces intentionally letting some Iranian projectiles through its defenses so as to preserve the Pentagon's shrinking supply of missiles.

Trump brushed aside those concerns, saying the U.S. had "plenty" of ordnance. "We have a lot of ammunition, different types," he told reporters on Air Force One while flying to Michigan.

Iran, on its part, reportedly said it would suspend attacks as long as a U.S. pause in hostilities remains in place.

Oil prices fell sharply on the development, with international benchmark Brent plunging 8.7% to close at $88.36 a barrel. U.S. West Texas Intermediate crude slipped 0.62% in early Tuesday trade, after tumbling 7.5% on Monday. Oil was trading nearly 1% lower in Asia on Tuesday.

Separately, Trump also took aim at the U.S. Federal Reserve. While he voiced support for Fed Chairman Kevin Warsh, he accused the bank's officials of having ulterior motives, calling them "very political" and perhaps having "bad intentions."

He insisted the U.S. should have the lowest interest rates in the world. "Rates should be lowered. This country could be at 8%, 9%, 10%, 12% [annualized growth of] GDP. That's what it should be," he said.

-- Lim Hui Jie