WTI Oil, Brent Oil Slide as Trump Says Hormuz Mines Removed
Oil prices fell as Trump said the U.S. cleared all mines from the Strait of Hormuz and Pakistan reported progress in Iran mediation talks.
Alpha Score of 67 reflects moderate overall profile with strong momentum, strong value, weak quality, moderate sentiment.
Oil prices retreated on Tuesday after President Donald Trump said the U.S. has cleared all mines from the Strait of Hormuz, adding that any ship placing new mines in the waterway would be destroyed.
Trump's comments came as Pakistan's mediation efforts between Iran and the U.S. appeared to gain traction. Pakistani officials said there was "significant progress" during talks in Tehran, where Pakistan's mediator met with Iran's President Masoud Pezeshkian and Foreign Minister Abbas Araghchi.
WTI crude fell toward the $81.50–$82.00 support zone. A break below $81.50 would open a path to the next support at $78.00–$78.50, traders said. The relative strength index sits in moderate territory, leaving room for further downside if new catalysts emerge. On the upside, a move above $84.00 would target resistance at $86.00–$86.50.
Brent crude slipped below the $91.00–$91.50 support band and was testing the $90.00 level. A clean break below $90.00 would put the next support zone at $86.00–$86.50 in play, followed by the 50-day moving average at $83.65. To regain upside momentum, Brent would need to settle back above $91.50, which would target resistance at $95.50–$96.00.
Traders also focused on the U.S. plan to pressure Iran back to negotiations. The market consensus implies that China's cooperation would be needed to exert maximum pressure on the Iranian economy, though that scenario looks unrealistic given the current state of U.S.–China relations, analysts said. It remains unclear whether the U.S. is prepared to punish China for its energy deals with Iran. Last year, the U.S.–China trade war rattled markets and ended with a temporary truce and no clear winner.
Natural gas held near resistance at $2.75–$2.80 as traders waited for additional catalysts. The market is balanced between high demand and strong supply, with no clear directional bias. A settlement above $2.80 would open a run at the 50-day moving average at $2.95, then the $3.00–$3.05 resistance zone. On the downside, a move below $2.70 would target the $2.62 level.
Iran did not comment on Trump's statement about the Strait of Hormuz mines.
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