Price. As of 09:11 MSK on September 28, WTI is holding above $93.00. This is noticeably above the 100-day average of $84.95, but below the recent cycle highs around $100.
Why it rose. Trump rejected Tehran's proposal, saying that Iran desperately wants a deal, and that negotiations, in his expectation, will resume as early as this week. The discussion concerned Iran's seven-day plan to open the strait in exchange for a number of other demands and an end to the conflict with the US.
What's on the other side. Iran said it will not soften its terms and is awaiting Washington's final response. In parallel, coalition forces led by Saudi Arabia intercepted two drones from Yemen's Houthis flying toward Riyadh, and a ballistic missile in the area of Khamis Mushait in the south of the country.
What's next. The nearest scheduled triggers are the weekly US oil inventory data: on Tuesday from the American Petroleum Institute (API) and on Wednesday from the Energy Information Administration (EIA). Plus any statement on US-Iran negotiations.
Technicals. The Relative Strength Index (RSI) is 53.06, meaning the market is in the middle, without overheating. The nearest resistance is $93.55, the upper boundary of the range is $100.90, the lower is $86.24.
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