Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives 3.5% As Traders Shrug Off Iran’s Attack On Ship In Hormuz

Natural Gas Traders Wait For Stronger Catalysts

Natural gas continues its attempts to settle above the resistance level at $3.25 – $3.30 as traders switch from from July 2026 contract to August 2026 contract.

In case natural gas settles above the $3.30 level, it will move towards the next resistance at $3.35 – $3.60.

On the support side, a move below the $3.25 level will push natural gas towards the 50 MA at $3.12. If natural gas declines below the 50 MA, it will head towards the support level at $3.00 – $3.05.

WTI Oil Tests New Lows As Iran’s Attack Does Not Disrupt Shipping In Hormuz

WTI oil is under strong pressure as traffic in the Strait of Hormuz continues to increase despite the recent attack on a container vessel.

President Trump said that Iran shot at least four drones at ships going through the Strait of Hormuz. According to Trump, three drones were destroyed by U.S. military, but one drone hit the upper deck of the ship. He added that this was “a foolish violation of our Ceasefire Agreement”.

Recent reports indicated that the ship was moving through the route which was not permitted by Iranian authorities. Put simply, Iran warned shipowners that they should comply with the country’s rules or face consequences.

At this point, there’s no reaction from the U.S. except Trump’s post in social media. Traders bet that Iran’s attack will not lead to escalation in the Middle East as all parties involved are interested in keeping oil flowing through the world’s key waterway.

According to recent reports, Oman told European officials that ships transiting through the Strait of Hormuz would have to pay fees. Omani officals noted that the country would comply with international laws but added that they would find a way to charge fees for navigation services.

The U.S. and EU have previously said that the Strait of Hormuz should be toll-free. Oil producers in the Gulf also oppose fees. However, it looks that Oman wants to join Iran and get some money from vessels going through the Strait of Hormuz.

WTI oil pulled back below the support at $70.50 – $71.50 and is trying to settle below the $69.00 level. In case this attempt is successful, WTI oil will head towards the next support, which is located in the $66.50 – $67.00 range.

Brent Oil Tests Support At $72.00 – $72.50

Brent oil is losing ground as traders bet that oil exports through the Strait of Hormuz will continue to increase. Recent reports suggest that the next round of U.S. – Iran talks is scheduled for June 28-29. The continuation of negotiations serves as an additional bearish catalyst for Brent oil.

Currently, Brent oil is trying to settle below the support level at $72.00 – $72.50. In case this attempt is successful, Brent oil will move towards the next support at $67.00 – $67.50. RSI is in the oversold territory, but there is some room to gain additional downside momentum. It should be noted that RSI is often stuck in the oversold territory at times of a strong bearish trend.

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