Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains 6% As Trump Says Operation In Iran Could Last 4-5 Weeks

Natural Gas Moves Higher As Iran Strikes The Key LNG Plant In Qatar

Natural gas gains ground as traders focus on the conflict between U.S, Israel, and Iran.

An Iranian drone attacked the world’s largest LNG export plant in Qatar. The country was forced to shut down LNG production at the plant, and it is not clear whether it will be restarted in the near term.

European natural gas prices soared as traders reacted to the news. U.S. natural gas prices gained some ground as demand for U.S. LNG will increase.

The Strait of Hormuz, which carries about 20% of the world’s LNG exports, is de-facto closed. Iran did not officially close the Strait of Hormuz, but ships avoid the area due to high risks.

Meanwhile, U.S. President Donald Trump said that campaign against Iran could last for weeks. A long conflict would likely serve as an additional bullish catalyst for natural gas prices.

Currently, natural gas is trying to settle above the resistance at $3.00 – $3.05. In case this attempt is successful, natural gas will move towards the next resistance level, which is located in the $3.25 – $3.30 range.

WTI Oil Rallies As Traders React To A Major Conflict In The Middle East

WTI oil soared as traders reacted to the developments in the Middle East. However, traders have already started to take profits off the table after the strong rally.

At this point, U.S. and Israel did not target Iran’s oil industry and focused on military and nuclear targets. However, the situation may change in case the operation lasts for weeks, as indicated by President Trump.

In turn, Iran made several attacks on oil assets in the region, but these attacks were not strong. Most likely, those attacks served as warnings for Iran’s neighbours.

Geopolitical premium increased, but the market needs more catalysts to settle above June 2025 highs. Oil traders have developed high tolerance to military conflicts in the Middle East, and they are not afraid of temporary supply disruptions.

That said, a potential long-term closure of the Strait of Hormuz could push oil prices towards new highs.

From the technical point of view, WTI oil made an attempt to settle above the resistance at $74.50 – $75.00 but lost momentum and pulled back towards the $71.00 level.

In case WTI oil settles below the previous resistance at $70.00 – $70.50, it will move towards the support at $65.50 – $66.00. However, it remains to be seen whether traders are ready to build short positions in the current geopolitical situation. If WTI oil stays above $70.50, it will head back towards the resistance level at $74.50 – $75.00.

Brent Oil Tests Resistance At $78.00 – $79.00

Brent oil rallied as traders focused on the Middle East conflict. The market will remain extremely sensitive to geopolitical news in the near term.

All sides of the conflict claim that they are ready for weeks of intense battle. In case this scenario unfolds, oil prices will likely get more support.

Brent oil settled above the resistance at $73.50 – $74.00 and made an attempt to settle above the next resistance level at $78.50 – $79.00. A move above the $79.00 level will provide Brent oil with an opportunity to gain additional upside momentum. RSI moved into overbought territory, but there is some room to gain additional momentum in the near term.

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