Trump Rejects 10-Day Iran Cease-Fire; Oil Rallies Past $84

President Trump rejected a proposal for a 10-day cease-fire with Iran, according to reports cited by the Jerusalem Post. The decision reverses a tentative deal that had surfaced yesterday and briefly pushed crude oil below its 100-hour moving average.

Crude oil traded at $84.15 as of press time, up $1.63 on the day and near session highs. The next upside target sits at $84.60, the 50% retracement of the move from the May high to the July low. Above that, the 100-day moving average at $89.25 looms.

In a separate development, Bloomberg reported that a very large crude carrier reversed course in the southern Red Sea after Houthi rebels warned they would target vessels heading to or from Saudi ports.

US equity futures edged higher. The NASDAQ rose 326 points, the S&P 500 added 14 points, and the Dow gained 84 points.

Southern Company (SO) holds an Alpha Score of 46 out of 100, rated Mixed, in the Utilities sector.