Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Tests $115 As Trump Threatens To Destroy Iranian Civilization

Natural Gas Rebounds Amid Tensions In The Middle East

Natural gas prices are trying to rebound as traders focus on the situation in the Middle East and worry that natural gas assets could be hit.

Weather forecasts remain uninspiring, and it remains to be seen whether natural gas bulls will find sufficient catalysts to push prices higher.

In case natural gas climbs above the $2.90 level, it will move towards the resistance level at $3.00 – $3.05. A move above the $3.05 level will open the way to the test of the $3.25 level.

On the support side, natural gas needs to settle below the $2.75 level to gain additional downside momentum in the near term. If natural gas pulls back below $2.75, it will move towards the next support at $2.50 – $2.55.

WTI Oil Moves Higher As Traders Focus On Trump’s Threats

WTI oil gained ground as traders reacted to Trump’s threats against Iran. President Trump said that the whole of Iranian civilization would die on Tuesday night in case the country did not agree to a deal.

Today, U.S. delivered strikes against Iran’s Kharg Island, which is the center of the country’s oil exports. According to recent reports, U.S. targeted military infrastructure. Iran confirmed that oil-related infrastructure was not hit.

From a big picture point of view, the market is waiting for Trump’s deadline, which is set at midnight GMT. Iran said that it would retaliate by striking infrastructure in oil-producing countries in the Gulf.

The Strait of Hormuz remains de-facto closed for most vessels. U.S. wants Iran to reopen the world’s key oil route. Iran declines to do so when it is under attacks.

Meanwhile, physical oil got more expensive than the “paper” oil. While futures prices have not exceeded the $120 level, some refiners are already paying up to $150 per barrel.

In case the Strait of Hormuz remains closed for weeks, futures prices would also move higher, reflecting the realities of the physical market. At this point, futures traders do not believe in a months-long disruption in the Gulf. December 2026 futures are trading near the $75.00 level. However, market sentiment may change quickly if the situation in the Middle East gets worse.

The nearest resistance level for WTI oil is located in the $118.50 – $119.00 range. A move above the $119.00 level will push WTI oil towards the $125.00 level. RSI has recently moved into overbought territory, but there is plenty of room to gain momentum in case the right catalysts emerge.

Brent Oil Remains Stuck Near The $109.00 Level

Brent oil is stuck near the resistance level at $108.50 – $109.00 as traders wait for news from the Middle East.

Traders should be prepared for fast moves as the market will surely react to any developments after Trump’s deadline.

If Brent oil stays above the $109.00 level, it will move towards the resistance at $118.50 – $119.00. On the support side, a move below the $107.00 level will push Brent oil towards the support level at $103.00 – $103.50. Traders should note that technical factors will likely take a back seat when the market reacts to geopolitical news.

If you’d like to know more about how commodity markets work, please visit our educational area.