The trump iran cease-fire report pushed crude oil higher after reports said President Trump rejected a proposal for a 10-day cease-fire with Iran.
Reports cited by the Jerusalem Post said Trump turned down the proposal. Meanwhile, the report reversed part of the move seen a day earlier. Reports of a cease-fire on Monday had sent oil lower. Prices briefly fell below the 100-hour moving average before they rebounded and ended the day higher.
Crude oil later traded at $84.15. That marked a gain of about $1.63 on the day. In addition, the price reached session highs and moved toward the next target at $84.60.
Trump Iran Cease-Fire and Oil Targets
The source article said another upside level stands at $86.13. That marks the 50% midpoint of the drop from the May 18 high to the July low. Above that, the 100-day moving average stands at $89.25.
Bloomberg also reported that a very large crude carrier made a U-turn in the southern Red Sea. That move followed warnings from rebels in Yemen. They said they would target ships heading to or from Saudi ports.
Broader Market Moves After Report
Elsewhere, U.S. stock futures continued to point higher. The NASDAQ was up 326 points. The S&P rose 14.22 points. The Dow also gained 84 points.
However, the main market reaction in the source article centered on oil. The trump iran cease-fire headlines helped lift crude back toward key chart levels after the earlier cease-fire reports had briefly pushed prices lower.
You can access our other news on natural gas markets and global market developments here.
Source: InvestingLive
