
WTI crude tests $72 after failing to break $70.50 support. Brent climbs above $75 as traders price in a longer U.S.-Iran deal timeline. Natural gas rises on warmer weather forecasts.
Oil prices rebounded from multi-month lows on Friday as traders reassessed the timeline for a U.S.-Iran nuclear deal. WTI crude rose toward $72 a barrel after failing to break below the $70.50 support zone. Brent crude climbed above $75, recovering from levels last seen before the U.S. military operation against Iran.
The trigger was a shift in tone from both sides. U.S. Secretary of State Marco Rubio said tolls in the Strait of Hormuz were unacceptable, adding that it did not matter how they were called. Iran's Parliament speaker Ghalibaf rejected Trump's claim that unfrozen funds would be used to buy U.S. goods. The only crop Iran was harvesting, Ghalibaf said, is what the U.S. had planted – "decades of mistrust."
Missing from the recent back-and-forth: any mention of Iran's nuclear program, which was the stated reason for the military operation. Traders said the market is starting to price in a longer negotiation timeline. "It's unrealistic to expect a deal in the coming days," one crude options trader said. "Some are buying the dip."
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.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.