Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Traders Are Cautious As Iran Fires Missiles Towards UAE

• Iran launched two ballistic missiles toward UAE that fell into the sea, while President Trump stated the U.S. has no scheduled talks with Iran and warned Oman against siding with Iran on Strait of Hormuz management
• WTI oil faces resistance at $86.00-$86.50 with support at $81.50-$82.00, while Brent oil struggles to break above $91.00-$91.50 resistance after rebounding from August lows
• Natural gas gained 3.07% and attempted to settle above $2.75-$2.80 resistance, supported by strong demand from hot weather despite high production levels

Market Summary: Oil Markets Cautious Amid Middle East Tensions

Key Developments

Geopolitical Tensions: Iran fired two ballistic missiles toward the UAE, though both reportedly fell into the sea. Iran has not commented on the incident. Uncertainty surrounds negotiations between Iran and Oman regarding management of the Strait of Hormuz, a critical global waterway. President Trump stated the U.S. has not negotiated with Iran and warned Oman against supporting Iranian interests.

Commodity Performance (August 18, 2026)

Natural Gas: Trading at $2.785, up 3.07%. The commodity is attempting to settle above resistance at $2.75-$2.80, driven by strong demand from hot weather despite robust production. Key resistance lies at $3.00-$3.05, while support sits at $2.70 and August lows near $2.62.

WTI Crude: Up 0.09%, showing minimal movement as traders await catalysts. The market is consolidating amid conflicting signals about Middle East negotiations. Resistance is positioned at $86.00-$86.50, with potential upside to $91.10-$91.50. Support levels are at $84.00 and $81.50-$82.00, with the 50-day moving average at $78.61.

Brent Crude: Down 0.18%, settling near $91.00. The benchmark is struggling to break above $91.00-$91.50 resistance despite supply disruption concerns. Profit-taking emerged after a strong rebound from August lows. A breakout above $96.00 could lead to tests of $100.00, while support exists at $86.50-$87.00 and the 50-day MA at $83.13.

Market Implications

Oil markets remain range-bound as traders balance geopolitical risk against uncertain diplomatic developments, with critical waterway access remaining a primary concern.