Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Bessent Unveils The Plan On Iran

• Bessent confirmed the U.S. will impose sanctions on countries doing business with Iran and announced a 7.5% tariff on Chinese goods, potentially escalating trade tensions with China, a key buyer of Iranian oil
• WTI oil is attempting to settle below $85 with support at $81.50-$82.00, while Brent oil pulled back to test $92 with next support at $91-$91.50
• Natural gas continues struggling below the $2.80 resistance level despite high demand forecasts, pressured by strong production and elevated storage levels

Market Summary: Oil Retreats on Iran Sanctions Plan

Key Developments

Oil markets declined on August 24, 2026, following Treasury Secretary Scott Bessent's announcement of intensified U.S. economic pressure on Iran. WTI crude fell 0.92% while Brent crude dropped 1.03% toward the $92.00 level. Natural gas remained relatively flat, up 2.15% at $2.82, constrained by strong production and high storage levels despite elevated demand.

Policy Announcements

Bessent revealed that the U.S. will impose secondary sanctions on any country conducting business with Iran, with President Trump personally contacting world leaders to cease Iranian cooperation. Countries will receive defined timelines to end economic ties with Iran. Additionally, the U.S. plans to impose 7.5% tariffs on Chinese goods due to excess manufacturing capacity concerns—significant as China is a major Iranian oil buyer.

Technical Outlook

WTI Oil: Currently testing support at $85.00 after failing to break resistance at $86.00-$86.50. Further downside targets include $81.50-$82.00 and the 50-day moving average at $78.62.

Brent Oil: Pulled back to $92.00 with support at $91.00-$91.50. A break below could drive prices toward $86.00-$86.50 and the 50-day MA at $83.47.

Natural Gas: Struggling to hold above the $2.75-$2.80 resistance level, with potential upside toward the 50-day MA at $2.96 if successful.

Market Implications

Analysts view the selloff as "selling the news," with traders having already priced in expected sanctions. Markets remain skeptical that China will comply with U.S. demands, potentially signaling another U.S.-China trade conflict.