Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Bet On U.S. – Iran Negotiations

• WTI oil is attempting to settle below $92.50, with next support at $88.50-$89.00, while Brent tested $104.00 with potential downside to the psychological $100.00 level
• Potential U.S.-Iran deal would reopen the Strait of Hormuz and lift the U.S. blockade of Iranian ports, though negotiations face obstacles as Iran's IRGC hardliners hold real power despite reformist officials' willingness to negotiate
• Natural gas retreated from recent highs with resistance at $3.25-$3.30 and support at $3.00-$3.05, while Saudi Arabia's East-West pipeline is expected to partially restart on Saturday

Market Summary: Oil Prices Retreat on U.S.-Iran Negotiation Hopes

Key Developments

Oil prices declined September 25, 2026, as traders responded to reports of potential negotiations between the U.S. and Iran regarding the Strait of Hormuz. WTI crude is attempting to settle below $92.50, with support levels at $88.50-$89.00. Brent crude tested the $104.00 level, with nearest support at $101.50-$102.00 and potential downside to the psychological $100.00 mark.

Diplomatic Context

Reports indicate Iran may reopen the Strait of Hormuz in exchange for the U.S. lifting its blockade of Iranian ports. However, significant uncertainty remains regarding sanctions discussions. The analysis highlights internal tensions between Iran's moderate leadership (President Pezeshkian and Foreign Minister Araghchi) and the hawkish Islamic Revolutionary Guard Corps (IRGC), which holds ultimate decision-making power. This dynamic makes meaningful negotiations challenging, despite months of reported readiness from both sides.

Natural Gas Movement

Natural gas pulled back in profit-taking following a rally triggered by a Columbia Gas Transmission pipeline outage. The commodity faces resistance at $3.25-$3.30, with further resistance at $3.55-$3.60. Support levels are positioned at $3.00-$3.05 if prices fall below $3.20.

Additional Factors

Traders await the partial restart of Saudi Arabia's East-West pipeline, expected Saturday. Despite profit-taking, market participants remain cautious about major pullbacks given ongoing geopolitical uncertainty. Technical indicators show RSI in moderate territory, suggesting room for further movement depending on catalysts.