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Trump reportedly rejects proposed 10-day Iran cease-fire
Crude was last around $84.15, up about $1.63, as oil prices bounced after earlier cease-fire reports weighed on them.
Reports citing the Jerusalem Post say President Trump has rejected a proposal for a 10-day cease-fire with Iran. The latest development follows earlier cease-fire headlines that pushed oil lower, briefly taking crude below its 100-hour moving average before prices reversed higher and ended the day up.
Forexlive said crude oil was trading around $84.15, up about $1.63 on the day, and was near session highs. It also flagged upside targets, including $84.60, and higher levels tied to prior move midpoints and the 100-day moving average.
The report also pointed to a separate shipping update, citing Bloomberg that a very large crude carrier made a U-turn in the southern Red Sea after warnings from Yemen rebels targeting vessels heading to or from Saudi ports. US stock futures were also described as pointing higher, with the Nasdaq up about 326 points and the S&P and Dow also rising.
Latest closeWTI crude $79.00 ▼0.8%|Nasdaq Comp. 25,881.95 ▼1.5%|Dow Jones 52,552.97 ▼0.2%