Crude oil erased an overnight slide and jumped on October 1, 2026, as the market might be losing patience with the stalled US-Iran talks. Iran's foreign minister presented cabinet with a "US proposal" without further detail, while President Trump repeated that he must decide whether to "blow them up or make a deal."
Oil reversed course fast. The market weakened into Tuesday's US session close and extended the drop through the Asian session, then shot higher this morning and erased all the losses. There were no bearish catalysts behind the move, so it might just have been a technical move.
Market may be losing patience with the stalemate
The market might be losing patience since there has been no new development on the US-Iran front. Iran's government spokesperson said Foreign Minister Araghchi presented the cabinet with "a US proposal", though no further details were given.
According to investingLive, President Trump told reporters he must decide whether to "blow them up or make a deal" with Iran, adding that the conflict would be resolved soon, one way or another. He has used the same language for several months already, so the comment doesn't mark a new stance.
A breakthrough in the negotiations would likely send crude oil prices quickly lower. A prolonged stalemate, or renewed escalation, would instead keep the market supported into new highs.
Technical picture stays bullish
On the daily chart, crude oil may be forming a range near the lower bound of its channel. A pullback there could draw buyers in, positioning for a rally toward the 110.00 resistance, while a break lower would open a drop toward 80.00 and then the 68.00 support.
The 4-hour chart shows price breaking above a minor downward trendline and extending gains toward the 96.77 level, where sellers could step in. On the 1-hour chart, price broke above resistance near 91.40, a level buyers may now look to defend as support on any pullback.
Catalysts ahead
Traders will also watch the US ISM Manufacturing PMI and the latest jobless claims figures today, followed by the US non-farm payrolls report tomorrow. The focus, though, stays on US-Iran developments.
Source: investingLive
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