Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Trump Says He Is In No Hurry For Iran Deal

• WTI oil is attempting to settle above $84, with resistance at $86.00-$86.50 and a potential move toward the $90 psychological level if momentum continues
• Brent crude is testing the $90 level, with next resistance at $91.00-$91.50, as markets price in prolonged U.S.-Iran tensions and regional escalation risks
• Natural gas declined 0.69% to $2.69 on cooler weather forecasts and robust production, with support at $2.62 and resistance at $2.75-$2.80

Market Summary: Oil Rallies on Iran Tensions, Natural Gas Retreats

Key Developments

Oil markets surged on August 17, 2026, after President Trump stated the U.S. is "in no hurry" for an Iran deal, maintaining the naval blockade of Iranian ports. Trump also threatened to bomb Oman if it "gets in the way," following recent discussions between Oman and Iran regarding Strait of Hormuz management. Iran has finalized a "shipping map" for the strait but refuses to reopen the critical waterway until the U.S. lifts its blockade.

Price Movements

WTI Crude: Up 2.51%, trading above $84.00 with key resistance at $86.00-$86.50. Support levels identified at $81.50-$82.00 and the 50-day MA at $78.67. Analysts targeting the psychological $90.00 level.

Brent Crude: Up 2.11%, testing the $90.00 level with resistance at $91.00-$91.50. Next upside target at $95.50-$96.00.

Natural Gas: Down 0.69% to $2.69, pressured by cooler weather forecasts and robust production. Support at $2.50-$2.55, resistance at $2.75-$2.80.

Geopolitical Catalysts

Rising Middle East tensions provided additional support to oil prices. Israel launched strikes against Hezbollah in Lebanon following attacks from the militant group, while also conducting operations against Hamas in Gaza. Houthis continue attacking ships in the Red Sea, maintaining regional volatility.

Market Implications

Traders are reducing expectations for a near-term U.S.-Iran deal and pricing in escalation risks. The RSI indicators suggest room for continued upward momentum in oil markets, particularly if geopolitical tensions intensify further.