Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats From Session Highs As Traders Weigh Houthis' Attack On Saudi Arabia

• Houthi militants attacked multiple Saudi Arabian facilities including Jazan refinery, halting operations at several locations as part of their ongoing conflict separate from U.S.-Iran tensions
• WTI oil is attempting to break above $92.50-$93.00 resistance with next target at $97.50-$98.00, while Brent oil tested near $99.00 with $100 as the key psychological barrier
• Natural gas pulled back toward $2.90 after failing to hold above $3.00-$3.05 resistance, with high production levels and disappointing weather forecasts weighing on prices

Market Summary: Oil Retreats After Houthi Attacks on Saudi Arabia

Key Developments:

Oil prices retreated from session highs on September 8, 2026, despite escalating Middle East tensions following Houthi attacks on Saudi Arabian energy facilities. The militants targeted the Jazan refinery, causing operational disruptions at several sites. These attacks stem from Saudi Arabia's efforts to push Houthis out of Yemen's capital Sana'a and are distinct from U.S.-Iran tensions, though Iran backs the Houthis.

Price Action:

• WTI Crude: Pulled back from multi-week highs near $92.50-$93.00 resistance due to profit-taking, currently trading around these levels with potential to test $97.50-$98.00. Support sits at $91.00 and $89.00-$89.50.

• Brent Crude: Failed to settle above the psychologically significant $99.00 level after testing new highs. Key resistance at $100 remains in focus, with potential to reach $101.50-$102.00. Support at $94.00 and $91.00-$91.50.

• Natural Gas: Declined 2.25% to $2.914, pressured by bearish weather forecasts and high production. Trading below $3.00-$3.05 resistance, with support at $2.90 and $2.75-$2.80.

Market Implications:

Despite profit-taking, fundamentals remain bullish for oil as Middle East tensions escalate daily. The U.S.-Iran standoff persists without resolution, while Saudi-Houthi conflicts threaten oil infrastructure. Analysts view current pullbacks as temporary, with oil likely to test new highs in upcoming sessions. The geopolitical risk premium continues supporting elevated prices across energy markets.