Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows As Traders Bet Trump Could Talk To Iranian President

• WTI oil dropped below $95.00 support level and may test $92.50-$93.00, while Brent crude tested $100.00 with potential downside to $97.00-$97.50 range
• Trump decided against bombing Yemen's Houthis and indicated willingness to meet Iranian President at UN General Assembly, signaling potential de-escalation
• Natural gas is under pressure toward $2.75-$2.80 support on expectations of declining demand from milder weather conditions

Market Summary: Oil Prices Decline on Iran Diplomacy Prospects

Key Developments

Oil prices tested new lows on September 21, 2026, as markets reacted to potential diplomatic breakthrough between the U.S. and Iran. President Trump indicated willingness to meet Iranian President Pezeshkian at the UN General Assembly, raising prospects for renewed negotiations that could ease geopolitical tensions in the region.

Price Movements & Technical Levels

WTI Crude: Fell below the $97.50-$98.00 support level, attempting to breach $95.00. Further downside could target $92.50-$93.00. Upside resistance sits at $98.00, with next level at $102.50-$103.00.

Brent Crude: Testing the psychologically significant $100.00 level, currently trying to settle below $101.50-$102.00 support. Break below could push prices toward $97.00-$97.50, with the 50-day moving average at $92.44 as next support.

Natural Gas: Under pressure from anticipated demand decline due to milder weather forecasts. Trading near $2.75-$2.80 support, with potential downside to $2.60-$2.65. Resistance at 50 MA of $2.86.

Additional Market Factors

Trump's decision against bombing Yemen's Houthis, following Saudi Arabia's intervention request, contributed to easing tensions. Meanwhile, Russia plans to extend diesel export bans due to refinery attacks, providing some support as Russia is the world's second-largest diesel exporter.

Market Outlook

Traders are betting on increased vessel traffic through the Strait of Hormuz if Iran signals diplomatic openness, though falling global oil reserves provide underlying support for prices.