Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As U.S. Prepares To Release Funds From Iran's Frozen Accounts

• President Trump stated Iran could use frozen funds for food and medical supplies from the U.S., with funds remaining under U.S. control, though Iran disputed some negotiation details
• Oil traffic through the Strait of Hormuz has already increased, with markets expecting further gains as more vessels return to operations
• Natural gas retreated from the $3.20-$3.25 resistance level and tested $3.15 support, with potential downside toward $3.00-$3.05 if current levels fail

Market Summary: Energy Markets Decline on U.S.-Iran Negotiations

Key Developments

Energy markets retreated on June 23, 2026, as U.S.-Iran negotiations regarding frozen Iranian accounts pressured oil prices. All three major energy commodities posted losses: WTI oil fell 1.23%, Brent oil dropped 1.28%, and natural gas declined 2.10%.

Oil Markets

WTI crude tested support at $73.00, with potential further downside to the $70.50-$71.00 range if this level breaks. Brent crude attempted to breach the $77.00-$77.50 support zone, with next support at $72.00-$72.50.

The selloff was triggered by diplomatic developments between Washington and Tehran. President Trump announced Iran could access frozen funds to purchase food and medical supplies from the U.S., with funds remaining under U.S. control. Trump also claimed Iran agreed to "highest level Nuclear inspections." However, Iran disputed this characterization, stating it would use funds as it deemed appropriate and had no plans for IAEA inspections of nuclear facilities.

Despite conflicting narratives, the prospect of negotiations provided bearish momentum as oil flows through the Strait of Hormuz have already increased. Traders anticipate further volume growth as more companies resume operations.

Natural Gas

Natural gas failed to break above resistance at $3.20-$3.25 and pulled back to test $3.15. A break below could push prices toward the $3.00-$3.05 support level, with further downside potential to $2.80.

Additional Pressures

A strengthening U.S. dollar added downward pressure on dollar-denominated commodities, driven by expectations of Fed rate hikes to combat inflation.