WTI crude slipped from $85.50 resistance, Brent reversed after new highs. Natural gas gained on smaller storage build. Market focus remains on Strait of Hormuz flows and escalation risk.
Alpha Score of 68 reflects moderate overall profile with strong momentum, strong value, weak quality, moderate sentiment.
WTI crude oil pulled back from its $85.50–$86.00 resistance zone on Thursday, giving back gains from the previous session’s rally triggered by U.S. military strikes on Iran. The U.S. said its forces hit dozens of targets inside Iran to degrade Tehran’s ability to target vessels in the Strait of Hormuz, a critical chokepoint for global crude flows. Oil has resumed flowing through the strait, though at a low pace, according to recent reports. Traders said that flow rate is the key variable for near-term supply risk; a sustained disruption would push prices higher.
Two LNG vessels were hit in Egyptian waters as the conflict spread across the region. The attacker has not been identified. The attacks widen the geographic scope of the risk, and analysts noted that further incidents could threaten supply routes in the Red Sea and the Mediterranean.
WTI crude failed to clear the $85.50–$86.00 resistance and slipped back toward $84.00. A break below $84.00 would open a path to support at $81.50–$82.00, traders said. On the upside, a move above $86.00 would put the next target at $90.50–$91.00.
Brent crude tested new highs early in the session before reversing as traders took profits after a strong rebound. A pullback in the U.S. dollar and falling Treasury yields did not support oil prices. Market participants said the primary focus remains geopolitical developments. Brent was last trying to hold above $89.00. Below that, support sits in the $86.50–$87.00 range. A push above $91.00 would target resistance at $95.50–$96.00.
Natural gas futures bounced after the Energy Information Administration reported a smaller-than-expected storage build. Working gas in storage rose by 28 Bcf for the week, below the analyst consensus of 35 Bcf. Stocks are now 32 Bcf below the same week last year, though 185 Bcf above the five-year average. The lower-than-expected injection provided support. Natural gas was trying to settle above the $2.75–$2.80 resistance level. A move above that range would target the next resistance at $3.00–$3.05, traders said. The relative strength index sits in moderate territory, leaving room for further gains. On the downside, a slip below $2.70 would set up a test of support at $2.50–$2.55.
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