Oil Markets Plummet Amid US-Iran Negotiations

Natural gas prices pulled back amid profit-taking after a strong rally triggered by an outage on the Columbia Gas Transmission pipeline. The nearest resistance level for natural gas is located between $3.25 and $3.30, with the next potential target at $3.55-$3.60 if it climbs above that range.

WTI oil is losing ground amid reports of potential negotiations between the US and Iran to reopen the Strait of Hormuz. According to reports, Iran could reopen the strait while the US would lift its blockade on Iranian ports, potentially paving the way for a deal.

Brent oil has also declined towards the $104 level as traders focus on the US-Iran negotiations. The nearest support level for Brent oil is between $101.50 and $102, with a potential test of the psychologically important $100 level if it settles below that range.