TIMELINE: Middle East conflict and its impact on global oil prices

The beginning of Week 4 of the conflict in the Middle East has been marked by a roller coaster-like series of events, with Donald Trump on March 22 threatening to "obliterate" Iran's power plants if Tehran did not fully reopen the Strait of Hormuz in 48 hours, a significant escalation barely a day after he talked about "winding down" the war.

The following day, oil prices went down after Trump announced on Truth Social that he had ordered the postponement of military action against Iran, claiming the US and the Islamic Republic had very good and productive conversations for a complete resolution of the conflict. Iran has since denied negotiating with the US, calling it fake news.

Please refresh the following article for daily updates on the Middle East conflict and its impact on global oil prices.

Day 24

Trump said on Monday, March 23, that he gave instructions to postpone any military strikes against Iranian power plants for five days, just hours ahead of a deadline that threatened further escalation in the conflict now in its fourth week.

In a post on Truth Social, Trump said that the US and Iran have had "VERY GOOD AND PRODUCTIVE" conversations with Iran over the past two days about a "COMPLETE AND TOTAL RESOLUTION OF HOSTILITIES IN THE MIDDLE EAST."

After Trump made the announcement, the price of US crude fell 8.58% to $89.80 a barrel, and Brent fell to $101.89 per barrel, down 9.14% on the day.

The Dow Jones Industrial Average rose 1,021.70 points, or 2.24%, to 46,599.17, the S&P 500 rose 136.26 points, or 2.09%, to 6,642.74, and the Nasdaq Composite rose 493.02 points, or 2.28%, to 22,140.63.

Day 25

Iran, on Tuesday, March 24, denied that it had engaged in negotiations with the US, after Trump postponed a threat to bomb Iran's power grid because of what he described as productive talks with unidentified Iranian officials.

"No negotiations have been held with the US, and fake news is used to manipulate the financial and oil markets and escape the quagmire in which the US and Israel are trapped," Iranian parliament speaker Mohammad Baqer Qalibaf said.

On the same day, Iran was reported to have launched multiple waves of missiles at Israel, after Donald Trump postponed a threat to bomb the Islamic Republic's power grid because of what he described as productive talks with Iranian officials.

The missiles triggered air raid sirens in parts of Israel, including Tel Aviv, where blasts from interceptions were heard. In one attack, homes in northern Israel were damaged by falling debris following an interception. No deaths were reported.

Brent crude oil jumped back above $100 a barrel on Tuesday, a day after plunging more than 10 percent in reaction to Trump's decision to delay fresh strikes on Iran as he hailed "very good" talks with Tehran.

Brent rose 2.9 percent to $102.84, while West Texas Intermediate jumped 3.5 percent to $91.20. –reports from Reuters