Trump Rejects 10-Day Iran Ceasefire, Oil Prices Climb to $84
President Trump has turned down a proposed 10-day ceasefire with Iran, pushing crude oil prices higher amid fresh Red Sea shipping threats.
President Donald Trump has rejected a proposal for a 10-day ceasefire with Iran, according to reports citing the Jerusalem Post, escalating geopolitical tensions and sending crude oil prices sharply higher on Monday. The rejection reverses a brief market optimism from the previous session, when initial ceasefire reports had temporarily dragged oil prices below key technical levels before buyers stepped back in.
Crude oil surged to $84.15 per barrel, up approximately $1.63 on the day, with prices reaching session highs and traders eyeing the next technical resistance at $84.60. Analysts are watching a longer-term upside target at $86.13 — the 50% midpoint between the May 18 high and the July low — followed by the 100-day moving average at $89.25, which would represent a significant recovery if breached.
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Adding further upward pressure on oil, Bloomberg reported that a very large crude carrier reversed course in the southern Red Sea after Houthi rebels in Yemen warned they would target vessels traveling to or from Saudi ports. The incident underscores the growing risk premium baked into energy markets as multiple flashpoints converge across the Middle East.
Despite the geopolitical turbulence in commodities, US equity futures remained resilient, with the NASDAQ pointing to a gain of 326 points, the S&P 500 futures up 14 points, and the Dow futures adding 84 points. The divergence between rising oil prices and buoyant stock futures reflects markets weighing energy supply risks against broader economic momentum. Investors will be monitoring any further developments in US-Iran diplomacy for the next directional signal in crude.
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