Crude prices climb $1.63 to $84.15 after reports of the rejected cease-fire, reversing earlier losses and targeting higher resistance levels.
President Trump has rejected a proposed 10-day cease-fire with Iran, according to reports. The decision follows earlier speculation that sent oil prices lower before a rebound, with crude now trading at $84.15, up $1.63 on the day.
Oil prices had initially dipped on cease-fire hopes but recovered to close higher yesterday. The current session highs align with technical resistance at $84.60, with further targets at $86.13 and the 100-day moving average of $89.25.
Markets are reacting to the geopolitical uncertainty, with crude prices pushing toward key levels as traders assess the impact of the rejected truce.