Crude Oil Surges to $84.15 as Trump Rejects Iran Ceasefire Proposal

Crude oil prices have jumped approximately $1.63 to $84.15 per barrel after reports from the Jerusalem Post indicate that President Trump has rejected a proposed 10-day ceasefire with Iran. The rejection reverses the brief relief that markets experienced yesterday when initial ceasefire reports pushed oil prices below the 100-hour moving average before a sharp rebound closed the day higher. The escalation in geopolitical tensions surrounding Iran — a major oil producer — is reinforcing risk premiums in energy markets and has broad implications for forex. Oil-sensitive currencies such as the Canadian dollar (CAD), Norwegian krone (NOK), and Russian ruble stand to benefit from elevated crude prices, while oil-importing nations like Japan could see further yen weakness. The move also has inflationary implications, as sustained higher oil prices feed into consumer price indices globally, potentially complicating central bank rate-cut timelines. Key technical support for crude sits at the 100-hour MA, while the geopolitical backdrop suggests upside risk remains dominant. Forex traders should monitor Middle East developments closely for potential spillover into currency markets.