Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives 3.5% As Traders Shrug Off Iran's Attack On Ship In Hormuz

• Iran fired four drones at ships in Hormuz Strait, with one hitting a vessel that allegedly used an unauthorized route, but the U.S. has not responded beyond Trump's social media comments
• WTI oil broke below $70.50-$71.50 support and is targeting $66.50-$67.00, while Brent oil tested $72.00-$72.50 support with potential downside to $67.00-$67.50
• Natural gas continues attempting to break above $3.25-$3.30 resistance as traders roll contracts from July to August 2026

Market Summary: Oil Prices Plunge Despite Iran Attack in Strait of Hormuz

Key Market Movements

Oil prices declined sharply on June 26, 2026, with WTI crude falling 3.40% and Brent crude dropping 3.48% to the $72.00 level, despite an Iranian drone attack on a vessel in the Strait of Hormuz. Natural gas showed marginal gains of 0.73% as traders transitioned from July to August 2026 contracts.

Geopolitical Developments

President Trump confirmed Iran launched at least four drones at ships transiting the Strait of Hormuz, with three destroyed by U.S. military forces and one striking a vessel's upper deck. He characterized this as "a foolish violation of our Ceasefire Agreement." However, reports suggest the attacked ship was navigating through unauthorized routes, violating Iranian maritime rules.

Critically, traffic through the Strait continues to increase, signaling the attack has not disrupted shipping operations. No significant U.S. military response has materialized beyond Trump's social media statement.

Market Implications

Traders are betting against escalation in the Middle East, as all parties appear committed to maintaining oil flows through this critical waterway. U.S.-Iran negotiations scheduled for June 28-29 provide additional downward pressure on prices.

Oman announced intentions to charge fees for navigation services through the Strait, despite opposition from the U.S., EU, and Gulf oil producers.

Technical Levels

• WTI: Testing below $69.00, with next support at $66.50-$67.00
• Brent: Testing $72.00-$72.50 support, potential downside to $67.00-$67.50
• Natural Gas: Attempting to break above $3.30 resistance

The market's muted reaction suggests investors prioritize shipping continuity over geopolitical tensions.