Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Iran Attacks Vessels In The Strait Of Hormuz

• Three vessels were attacked in the Strait of Hormuz, with ships reportedly traveling without transponders to avoid detection by Iran, which insists vessels follow Iran-approved routes
• WTI oil attempted to break above the $70.50-$71.00 resistance level with potential to reach $74.50-$75.00, while Brent tested the $74.00 level after clearing $72.00-$72.50 resistance
• Natural gas traded range-bound around $3.25, supported by hot weather forecasts driving demand, while the broader oil market incorporated increased geopolitical risk premium despite ongoing U.S.-Iran negotiations

Market Summary: Oil Surges on Iran Attacks in Strait of Hormuz

Key Market Movements (July 7, 2026):

• WTI crude oil rallied +2.78%, attempting to break above resistance at $70.50-$71.00
• Brent crude surged +3.10%, climbing past $72.00-$72.50 resistance toward $74.00
• Natural gas edged higher -0.06%, trading range-bound around $3.25 support

Geopolitical Catalyst:

Iran launched attacks on multiple vessels in the Strait of Hormuz, striking a Qatari LNG ship and a Saudi Arabian tanker, with reports of a third incident. Both vessels were operating with transponders disabled, attempting to avoid Iranian detection. Iran claims territorial authority over portions of the strait and insists vessels follow Iran-approved routes.

Saudi Arabia officially blamed Iran for the attacks, holding the country "fully responsible for its actions and their consequences." Iran communicated its territorial claims to the UN shipping agency.

Market Implications:

The rising geopolitical premium provided strong support to oil markets, though uncertainty remains about whether these incidents will derail ongoing U.S.-Iran negotiations. Previous attacks did not significantly disrupt diplomatic talks, but analysts suggest reaching a comprehensive peace deal in the near term appears increasingly difficult.

Technical Outlook:

WTI oil could target $74.50-$75.00 if current resistance breaks, with RSI indicating room for additional upside. Brent oil eyes $77.00-$77.50 resistance if it settles above $74.00. Natural gas requires significant catalysts to break its current range, with resistance at $3.40-$3.45 and support at $3.00-$3.05.

Hot weather forecasts continue supporting natural gas demand expectations.