Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows As U.S. And Iran Move Closer To A Deal

• The interim U.S.-Iran deal could be signed at the G7 summit next week, extending the ceasefire by two months and reopening the Strait of Hormuz in exchange for lifting the U.S. naval blockade of Iranian ports
• WTI oil is testing support at $85.00-$85.50 with next support at $81.00-$81.50, while Brent oil is attempting to settle below $86.00
• Natural gas storage increased by 108 Bcf versus expectations of 101 Bcf, but the commodity rebounded on dip-buying with resistance at $3.20-$3.25 and support at $3.00

Market Summary: Energy Commodities React to U.S.-Iran Deal Developments

Key Market Movements (June 12, 2026):

• WTI Oil: Down 1.60%, testing support at $85.00-$85.50
• Brent Oil: Down 2.15%, approaching the $86.00 level
• Natural Gas: Up 1.44%, rebounding to $3.20-$3.25 resistance after dip-buying

Primary Market Driver:

Oil prices are under significant pressure as the U.S. and Iran near an interim deal, potentially to be signed at the G7 summit in Evian, France, next week. President Trump has reportedly approved a draft agreement that would:

• Extend the ceasefire by two months
• Reopen the Strait of Hormuz
• Lift U.S. naval blockade of Iranian ports

The deal awaits approval from Iran's Supreme Leader Mojtaba Khamenei. While some reports suggest signing could occur this weekend, analysts view this timeline as optimistic.

Technical Outlook:

WTI Oil: If support at $85.00 breaks, next downside target is $81.00-$81.50. Upside requires reclaiming $87.00, with resistance at $91.00-$91.50.

Brent Oil: Testing $86.00-$86.50 support; break below targets $81.00-$81.50.

Natural Gas: Gained despite bearish EIA storage report showing +108 Bcf increase (vs. +101 Bcf expected). Upside potential to $3.40 if current resistance breaks; downside support at $3.00, then $2.75-$2.80.

Market Implications:

Traders remain cautious, anticipating significant volatility Monday as markets react to weekend developments. A failed deal could trigger rapid short-covering in oil markets. The diplomatic breakthrough represents a major geopolitical shift affecting global energy supply dynamics.