US-Iran Talks Send Oil Markets Reeling
Natural gas and oil markets have been impacted by recent developments in the Iran-US conflict. Natural gas has managed to climb back above $2.90, while WTI oil pulled back due to Trump's comments on Iran. Brent oil moved below the psychologically important $100 level.
According to Vladimir, an independent trader with 18 years of experience, natural gas is trying to settle above $2.95 and head towards the resistance at $3.00-$3.05 range. If it settles above this level, it will open the way for a test of the resistance at $3.20-$3.25.
WTI oil settled near the $90 level as traders switched to November contract. Trump's comments on Iran were the key driver for oil markets today. He said that U.S. delegation talked with Iranian officials for three hours and described the meeting as 'very good'. The nearest support level for WTI oil is located in the $88.50-$89.00 range.
Brent oil tested new lows as traders reacted to Trump's comments on Iran and bet that U.S. and Iran would continue negotiations. Saudi Arabia's plans to restart the key pipeline put additional pressure on Brent oil. If it manages to settle below $97, it will head towards the support level in the $93-$93.50 range.