Trump Rejects Iran Truce: Oil Prices Soar Amid Geopolitical Tensions

Oil prices have surged after US President Donald Trump rejected an Iranian offer of a seven-day truce. The move has sparked inflation concerns, and traders are now looking ahead to key US data releases this week.

The price of West Texas Intermediate (WTI) crude oil rose by 3.42% on Monday to $95.61 per barrel, its highest level since mid-September. This comes after a strong recovery candle following a pullback in the previous weeks.

According to the chart analysis, WTI has been riding a strong ascending trendline since early July, with three clear touches of that line. The bullish path is for WTI to break directly above $106.83 and close there on the daily chart, which would confirm the trend is alive and making higher highs.

The bearish case is for a calmer geopolitical picture or softer demand to drag price back toward the trendline and then deeper. Buyers could defend the area, but a daily close below $79.66 would cancel the setup entirely.