Oil Prices Slump Amid Saudi Pipeline Restart and US-Iran Talks

Natural gas prices are under pressure due to low demand forecasts in the coming days. According to analysts, natural gas is currently trying to settle below the $3.00 - $3.05 support level. If successful, it will move towards the 50 MA at $2.91, and potentially head towards the next support range of $2.75 - $2.80.

WTI oil prices pulled back as Saudi Arabia resumed loading at Yanbu after restarting its East-West pipeline. Traders are optimistic that supply will increase, bypassing the Strait of Hormuz. The restart is seen as a potential threat to Iran's control over the waterway, which has been a key point in US-Iran negotiations.

Brent oil prices declined below $103.00 due to traders' focus on US-Iran talks and the restart of Saudi Arabia's pipeline. The nearest support level for Brent oil is located at $101.50 - $102.00, with potential targets at $100.00 and $97.00 - $97.50.