Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Moves Higher As Iran Delays Nuclear Talks With U.S.

• Iran postponed nuclear negotiations with the U.S. due to the Israel-Hezbollah conflict, though the Strait of Hormuz remained open with no impact on oil shipping
• WTI oil gained ground with support at $77.00 and targeting the $80.00 psychological level, while Brent oil tested resistance at $81.00-$81.50
• Natural gas faced resistance at $3.20-$3.25 following an EIA report showing working gas storage increased by 73 Bcf, with traders cautious heading into the weekend

Summary

Key Market Movements

Natural Gas remains range-bound near $3.20-$3.25 resistance following an EIA report showing working gas storage increased by 73 Bcf week-over-week. Upside potential targets $3.40-$3.45, while downside support sits at $3.00-$3.05.

WTI Crude Oil is pushing toward the psychologically important $80.00 level after holding above $77.00 support. Key resistance lies at $81.00-$81.50, with downside support at $70.50-$71.00.

Brent Crude has climbed above $80.00, attempting to break through $81.00-$81.50 resistance with next targets at $86.00-$86.50.

Geopolitical Catalysts

Oil prices are rising amid escalating tensions in Lebanon between Israel and Hezbollah, testing the fragile Iran-U.S. relationship. Iran has delayed nuclear talks with the U.S. due to the conflict, though both parties have reportedly agreed to a ceasefire. Notably, the Strait of Hormuz remains open with no disruption to shipping through this critical oil route.

Regional oil producers are moving to restart facilities and increase production capacity following recent disruptions.

Market Implications

The energy complex is experiencing mixed momentum. Natural gas lacks fresh catalysts while crude oil gains geopolitical support. However, the reopened Strait of Hormuz and anticipated production increases may limit upside potential. Technical indicators show RSI in moderate territory for natural gas and exiting oversold conditions for Brent, suggesting room for additional gains if geopolitical tensions persist. Weekend developments regarding Israel-Hezbollah ceasefire and Iran's negotiation stance will be critical for Monday's trading.