Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Attempts To Rebound As Traders Wait For The New Round Of U.S. – Iran Talks

• WTI oil targeted resistance at $71.00-$73.50 while Brent hovered near $72.50, with traders downplaying weekend U.S.-Iran attacks as positioning tactics rather than serious threats to shipping
• Iran resumed flights to Dubai and held talks with Oman about managing the Strait of Hormuz, signaling diplomatic progress despite opposition from the U.S. and allies to any fees on the strategic waterway
• Natural gas declined toward $3.00-$3.05 support despite high demand and favorable weather forecasts, while oil markets focused on Iran's economic needs and U.S. inflation concerns as limiting factors for conflict escalation

Market Summary: Energy Markets React to U.S.-Iran Negotiations

Key Market Movements

Natural Gas declined 3.55%, testing support at $3.20-$3.25 despite high demand and favorable weather forecasts. A break below this level could push prices toward $3.00-$3.05, while resistance stands at $3.40-$3.45.

WTI Crude gained 1.04%, while Brent Crude rose 0.97% as traders positioned ahead of renewed U.S.-Iran diplomatic talks scheduled in Doha, Qatar.

Geopolitical Developments

Following weekend military exchanges between the U.S. and Iran, both nations agreed to halt attacks to facilitate negotiations. Despite tensions, vessel traffic through the Strait of Hormuz continued normally on Monday, suggesting limited immediate disruption to oil supplies.

Significantly, Iran resumed scheduled flights to Dubai—a notable development given UAE was heavily attacked during recent conflicts. Iran also held its first meeting with Oman to discuss future Strait of Hormuz management, though the U.S. and allies oppose any transit fees.

Market Implications

Oil markets largely ignored the weekend escalation, with traders betting neither side is prepared to close the Strait of Hormuz. Iran requires revenue for its struggling economy, while the U.S. remains concerned about inflationary impacts from elevated energy prices.

Technical levels: WTI faces resistance at $71.00, $73.50, and $76.50-$77.00, with support at $69.00 and $66.50-$67.00. Brent shows support at $72.00-$72.50 and $67.00-$67.50, with resistance at $75.00 and $77.00-$77.50.

The energy complex remains rangebound as diplomatic efforts take precedence over supply concerns.