Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As U.S. – Iran Strikes Continue

• Yemen's Houthis announced a maritime blockade on Saudi ports and warned shipowners about dangers, while mediators from Qatar and Pakistan failed to broker a 10-day ceasefire between U.S. and Iran
• WTI crude is targeting resistance at $86.00-$86.50 with potential to reach $91.50-$92.00, while Brent crude tested $90.50-$91.00 with sights on $95.00-$95.50 and ultimately $100
• Control over the Strait of Hormuz, the world's key oil supply route, is the primary focus of the conflict, while Israel has remained on the sidelines and Iran has not targeted Israeli interests

Market Summary: Energy Markets Rally on U.S.-Iran Conflict

Key Developments:

Oil prices surged to new highs on July 21, 2026, as escalating U.S.-Iran military tensions threaten critical Middle East supply routes. Diplomatic efforts by Qatar and Pakistan to restart negotiations have failed, with neither side willing to cease hostilities.

Price Movements:

• WTI Crude: +2.04%, testing resistance at the 50-day MA of $83.77, with potential upside to $86.00-$86.50 and ultimately $91.50-$92.00
• Brent Crude: +2.25%, attempting to break above $90.50-$91.00 resistance, with targets at $95.00-$95.50 and the psychologically significant $100 level
• Natural Gas: +0.78%, rebounding toward $3.00-$3.05 resistance on high demand forecasts

Critical Geopolitical Factors:

Yemen's Iran-backed Houthis announced a maritime blockade on Saudi Arabia, warning shipowners against using Saudi ports. Control of the Strait of Hormuz—the world's key oil transit route—remains the conflict's focal point. A proposed 10-day ceasefire was rejected by both parties.

Notably, Israel has remained neutral, with Finance Minister Smotrich confirming no plans to join the conflict. Iran has not targeted Israeli interests during this escalation.

Market Implications:

The potential weeks-long closure of the Strait of Hormuz could create severe global oil supply shortages. Technical indicators show room for further price appreciation, with RSI in moderate territory. Support levels for WTI sit at $80.00-$80.50, while Brent could face downside pressure if geopolitical tensions ease unexpectedly.

Energy traders should monitor diplomatic developments and shipping disruptions closely as volatility is likely to persist.