Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Soars 9% As Trump Restarts Naval Blockade Of Iran

• Trump's proposed 20% transit fee is 10 times higher than Iran's historical 2% charge, raising concerns among Gulf countries and increasing likelihood of Iranian vessel attacks
• Global oil reserves remain significantly depleted from previous Strait of Hormuz blockades, making another disruption a serious bullish catalyst that could push prices toward April-May 2026 levels
• Natural gas declined to test $2.90 support as recent EIA data showed stocks building faster than expected, despite high demand forecasts for the next seven days

Summary

Key Market Developments:

Oil prices surged approximately 9% on July 13, 2026, following President Trump's announcement of a naval blockade on Iranian ports and U.S. guardianship of the Strait of Hormuz. Trump demanded a controversial 20% fee on all cargo transiting the strait—ten times higher than Iran's previous 2% charge.

Price Movements:

• WTI Oil: +5.22%, rallying toward resistance at $74.50-$75.00, with potential to reach $80.00-$80.50
• Brent Oil: +5.46%, climbing above $82.00 and testing $83.00, attempting to break resistance at $81.00-$81.50 with next target at $86.00-$86.50
• Natural Gas: -1.00%, declining below $3.00 support level toward $2.90, with potential further drop to $2.75-$2.80

Geopolitical Catalysts:

Escalating Middle East tensions include Iranian threats to attack vessels using non-approved routes and Houthi attacks on Saudi Arabia. These developments are occurring against a backdrop of significantly depleted global oil reserves from previous Strait of Hormuz blockades, creating strong upward pressure on prices.

Market Implications:

Traders expect continued escalation in the Strait of Hormuz, a critical chokepoint for global oil transport. The uncertainty around implementation details and Gulf countries' reactions to the 20% fee adds volatility. Technical indicators suggest room for further upside momentum in oil markets, with RSI levels remaining moderate.

Natural gas faces downward pressure from faster-than-expected inventory builds revealed in recent EIA reports, despite high demand forecasts for the coming week.