Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Houthis Attack Saudi Arabia

• Saudi-led coalition intercepted six ballistic missiles from Iranian-backed Houthis; Iran's President threatened to keep the Strait of Hormuz blocked until U.S. lifts sanctions and naval blockade
• WTI crude attempted to break above $92.50-$93.00 resistance with potential targets at $97.50 and $100, while Brent oil tested $106 with next resistance at $109-$109.50
• Natural gas rallied toward $3.25-$3.30 resistance after EIA reported a +53 Bcf storage build, with current stocks 146 Bcf below last year but 95 Bcf above the five-year average

Market Summary: Oil Prices Rally on Middle East Escalation

Key Developments

Oil prices surged following Houthi attacks on Saudi Arabia, with geopolitical tensions in the Middle East driving supply risk concerns. Iran threatened further escalation and warned the Strait of Hormuz blockade would continue until U.S. sanctions and the naval blockade are lifted. Saudi-led coalition forces intercepted six ballistic missiles launched by Iranian-backed Houthis.

Price Action & Technical Levels

WTI Crude: Testing resistance at $92.50-$93.00, with upside targets at $97.00-$97.50 and potentially $100.00 if momentum continues.

Brent Crude: Rallied above $106.00, attempting to establish support at this level. Next resistance targets are $109.00-$109.50, with downside support at $101.50-$102.00.

Natural Gas: Surged to $3.25-$3.30 on short-covering following EIA storage data showing a +53 Bcf weekly increase (in line with estimates). Current inventories are -146 Bcf below year-ago levels and +95 Bcf above the five-year average. Next resistance level at $3.55-$3.60.

Market Implications

Traders are increasingly concerned about prolonged disruption to Middle East oil supplies amid declining global reserves. Escalating U.S. sanctions on Iran's economy and airlines are intensifying pressure, raising risks of broader regional conflict. The combination of geopolitical uncertainty and tightening supply fundamentals supports bullish momentum across energy markets. Technical indicators suggest room for further upside, particularly if the Strait of Hormuz remains effectively blocked.