Oil Bounces as Iran Deal Timeline Stretches, WTI Tests $72

WTI crude failed to settle below the $70.50–$71.00 support zone and is now testing the $72.00 level. A clean break above that opens a path toward $76.50–$77.00. On the downside, a move back below $70.50 would target $66.50–$67.00. Brent crude is testing $75.00. A hold above that level points toward $77.00–$77.50, then the psychologically important $80.00 mark. The RSI on Brent has moved out of oversold territory, giving room for further upside.

Traders noted one counter-signal: traffic in the Strait of Hormuz is rising, and Gulf producers are rushing to sell their oil. That supply flow could cap any rally unless a major upside catalyst emerges. For now, the market is watching whether the $72.00 level on WTI holds as support-turned-resistance.

Natural gas also gained ground, rising on forecasts for warmer weather by the end of June. Traders are preparing to roll from the July contract to the August contract. If natural gas stays above the $3.20–$3.25 resistance zone, the next target is $3.40–$3.45. The RSI is in moderate territory, leaving room for momentum if catalysts emerge. The market has been choppy through June, driven by shifts in weather forecasts. Stronger catalysts are needed for a sustained move higher.