Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Trump Threatens To Strike Iran Again

• The U.S. revoked Iran's oil export sanctions waiver in response to attacks on vessels in the Strait of Hormuz, removing Iranian supply from global markets
• WTI crude tested resistance at $74.50-$75.00 while Brent oil approached $80.00, with potential closure of the Strait of Hormuz threatening further price increases
• Weekly EIA data showed U.S. crude inventories increased 3 million barrels (vs. expected decline of 2.4 million), while domestic production rose to 13.86 million bpd and Strategic Petroleum Reserve fell to 319.5 million barrels

Market Summary: Oil Rallies on Iran Tensions

Key Developments:

Oil markets surged on July 8, 2026, following escalating U.S.-Iran tensions. WTI crude rose +1.56% to test the $74.50-$75.00 resistance level, while Brent crude jumped +2.73%, approaching the $80.00 mark. President Trump threatened additional military strikes against Iran and potential bombardment of infrastructure targets including power and desalination plants, while the U.S. revoked Iran's oil sanctions waiver in response to attacks on vessels in the Strait of Hormuz.

Inventory Data:

The latest EIA report showed mixed results: crude inventories unexpectedly increased by +3 million barrels (versus forecasts of -2.4 million), currently sitting 6% below the five-year average. Gasoline inventories declined -1.9 million barrels, and distillate fuel inventories dropped -5 million barrels. U.S. domestic oil production rose to 13.86 million bpd from 13.81 million bpd, while Strategic Petroleum Reserve levels fell from 325.7 to 319.5 million barrels.

Natural Gas:

Natural gas remained range-bound, pulling back from $3.35 to trade near the $3.20-$3.25 support level, showing -1.53% decline amid lack of catalysts.

Market Implications:

The potential closure of the Strait of Hormuz poses significant supply disruption risks. Global oil reserves have already declined substantially during the crisis, potentially pressuring the global economy. If WTI settles above $75.00, the next resistance target is $78.00-$78.50. For Brent, a break above $77.50 could push prices toward $81.00-$81.50.