Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Traders See No Progress In U.S. – Iran Talks

Natural Gas Rebounds From Multi-Month Lows

Natural gas rebounds as traders switch from May 2026 contract to June 2026 contract.

The nearest resistance level for natural gas is located in the $2.80 – $2.85 range. If natural gas manages to settle above the $2.85 level, it will move towards the next resistance at $3.00 – $3.05. RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

On the support side, a move below the $2.70 level will push natural gas towards the support level at $2.55 – $2.60.

WTI Oil Tests Resistance At $97.00 – $97.50

WTI oil gains ground as traders focus on geopolitical developments. The negotiation process between U.S. and Iran has stalled, and the Strait of Hormuz remains de-facto closed.

According to recent reports, U.S. President Trump evaluated the latest proposal from Iran. Meanwhile, Iran’s Foreign Minister Araqchi went to Moscow to discuss the situation in the Middle East with Russia’s President Putin.

At this point, the ceasefire between U.S. and Iran holds, but traders are worried that the Strait of Hormuz could remain closed for weeks even if fighting does not restart.

Iranian President Pezeshkian has recently noted that the country would not restart negotiations while the U.S. blockade remained in place. Pakistani officials, which served as mediators during the talks in Islamabad, remained optimistic that the deal would be reached.

The market sentiment remains bullish as the situation in the physical market gets tighter day by day.

From the technical point of view, WTI oil continues its attempts to settle above the resistance level at $97.00 – $97.50. In case this attempt is successful, WTI oil will head towards the next resistance, which is located in the $102.00 – $102.50 range.

On the support side, WTI oil needs to settle below the $95.00 level to gain additional downside momentum in the near term. In this case, WTI oil will head towards the support at $91.00 – $91.50.

Brent Oil Moves Higher As Rally Continues

Brent oil  tests new highs as traders bet that U.S. – Iran negotiations will show no progress in the near term.

Traders also evaluate the risks of an additional escalation of the conflict. There’s no guarantee that current ceasefire will hold if negotiations fail.

Futures markets show that traders have started to realize that the situation in the Middle East will have a long-lasting impact on oil markets. December 2026 contract is trading above the $86.00 level, indicating that traders do not expect a return to pre-war levels anytime soon.

Brent oil has recently made an attempt to settle above the $110.00 level but lost momentum and pulled back. If Brent oil climbs above $110.00, it will head towards the resistance level at $111.50 – $112.00. In case Brent oil manages to settle above the $112.00 level, it will head towards the next resistance at $118.50 – $119.00.

On the support side, a move below the $106.00 level will push Brent oil towards the support at $103.00 – $103.50. If Brent oil pulls back below the $103.00 level, it will head towards the psychologically important $100 level.

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