WTI swings as Iran fires missiles toward UAE; Hormuz talks unclear. Brent holds above $91. Natural gas eyes $2.80 breakout.
WTI crude swung between gains and losses on Tuesday after the UAE said Iran fired two ballistic missiles toward the country, while traders weighed conflicting signals over negotiations on the Strait of Hormuz. Both missiles fell into the sea, the UAE said. Iran did not comment.
President Trump said the U.S. did not negotiate with Iran and that no talks were scheduled. Earlier, Trump warned Oman not to side with Iran. It remains unclear whether Iran and Oman have completed negotiations on managing the Strait of Hormuz and are ready to present them to the world, according to reports.
The conflicting messages have left the market taking a breather. Traders are asking whether negotiations will continue and whether vessels can still transit the key waterway despite Iran's threats to block it.
WTI's nearest resistance sits in the $86.00–$86.50 range. A settlement above $86.50 could open a path toward $91.10–$91.50. RSI is in moderate territory, leaving room for upside momentum in the near term.
On the downside, a move below $84.00 would push WTI toward support at $81.50–$82.00. A break below $81.50 would target the 50-day moving average at $78.61.
Brent oil continued its attempts to settle above resistance at $91.00–$91.50 as traders stayed focused on supply disruptions. Some traders took profits after the strong rebound from August lows.
Brent needs a daily close above $91.50 to gain upside momentum. That would open the way toward $95.50–$96.00, and a move above $96.00 would set up a test of the psychologically important $100.00 level.
On the support side, a move below $90.00 would push Brent back toward support at $86.50–$87.00. A decline below $86.50 would target the 50-day moving average at $83.13.
Natural gas gained ground despite strong production, as hot weather boosted demand. The front-month contract is trying to settle back above resistance at $2.75–$2.80. A settlement above $2.80 would open a run toward the $3.00–$3.05 range.
On the support side, a move below $2.75 would push natural gas toward $2.70. A break below that level would target August lows near $2.62.
For a broader look at how commodity markets trade, see our forex market analysis.
Prepared with AlphaScala editorial tooling from the source reporting linked above. Indexable analysis may include a cited Alpha Score value. Publishing checks screen each story before release. Educational coverage, not personalized advice.