Trump Rejects US-Iran Ceasefire Proposal: WTI Price Support Remains

Hopes for a diplomatic solution to end the US-Iran conflict have faded after US President Donald Trump turned down a seven-day ceasefire proposal from Iran. Qatari efforts to broker a breakthrough between the two nations have made little progress this week, with US officials believing that Trump could order a return to major combat after the midterm elections.

This keeps the geopolitical risk premium in play and offers some support to crude oil prices, though signs of recovering Middle East exports cap the upside. From a technical perspective, the WTI price has found support near the 61.8% Fibonacci retracement level of the August-September upswing.

The Relative Strength Index (RSI) is lingering just above the oversold band near 39 and the Moving Average Convergence Divergence (MACD) is in negative territory, suggesting that any further recovery would likely face selling pressure at the 200-period Exponential Moving Average (EMA), around $89.78.

A sustained break above this level will open the way toward the $90.57 Fibonacci barrier, while deeper structural cushions are located at the 78.6% retracement at $84.10 and the prior cycle base near $79.26 in case of weakness below the current support.