Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats From Session Highs As Trump Is Reportedly Ready To Ease Iran Sanctions

• WTI oil pulled back from highs amid reports Trump is ready to ease Iran sanctions for nuclear concessions, though Iran maintains demands including reopening the Strait of Hormuz
• Natural gas fell below key levels as traders reacted to bearish weather forecasts signaling lower heating demand, with support at $3.00-$3.05 and potential downside to the 50-day MA at $2.91
• Brent oil settled near $105 after volatile trading, supported by ongoing Strait of Hormuz closure and declining global oil reserves, though Saudi Arabia's East-West pipeline restart and renewed U.S.-Iran talks tempered gains

Market Summary: Energy Commodities Under Pressure from Geopolitical and Weather Factors

Key Market Movements

Oil prices retreated from session highs on September 28, 2026, following reports that President Trump may ease Iran sanctions in exchange for nuclear progress. WTI crude declined toward $92.00, while Brent oil settled near $105.00 after pulling back from highs around $109.00-$109.50. Natural gas November futures fell below $3.20-$3.25 resistance, pressured by milder weather forecasts suggesting reduced demand.

Geopolitical Developments

The energy market faces significant geopolitical uncertainty. Iran's Foreign Minister Araghchi indicated willingness to reopen the Strait of Hormuz contingent on U.S. actions. A Wall Street Journal report suggested Trump might resume bombing campaigns against Iran after November 3 midterm elections. Meanwhile, Saudi Arabia restarted its East-West pipeline, which bypasses the Strait of Hormuz, though Houthi militants continued weekend attacks. Yemen's official government approved general mobilization against the Houthis, whose military advances present ongoing supply risk concerns.

Technical Levels and Outlook

Natural Gas: Support at $3.00-$3.05, with further downside targets at the 50-day MA ($2.91) and $2.75-$2.80. Resistance remains at $3.20-$3.25.

WTI Oil: Critical support at $88.50-$89.00 if $92.00 breaks; resistance at $92.50-$93.00, with extended targets at $97.00-$97.50.

Brent Oil: Support at $101.50-$102.00, with deeper support at $97.00-$97.50. Upside resistance at $109.50 could lead to $113.00.

The fundamental picture remains bullish for oil given the closed Strait of Hormuz and declining global reserves, though short-term volatility persists around diplomatic developments.