Oil and Natural Gas Market Analysis

Author: Arslan Ali

Published: March 12, 2026

Key Points

• The Strait of Hormuz is critical, handling 20% of global oil flows; disruptions could have significant impacts.
• WTI crude oil is testing the $92.98 Fibonacci level, with potential to rise towards $103.07.
• Natural gas prices are stable above $3.16, with bullish momentum suggesting a target of $3.37.

Market Overview

The energy markets are experiencing heightened volatility due to geopolitical tensions, particularly surrounding the Strait of Hormuz, a vital oil transit route. Recent price fluctuations have seen WTI crude oil oscillating between $92 and $95 per barrel, while Brent crude has been trading between $96 and $100. A recent spike in prices reached nearly $119 before a sharp decline, reflecting the uncertainty in the market.

Natural Gas Price Forecast

Natural gas futures are currently trading at $3.26, having rebounded from a support zone of $2.95-$3.00. The price has reclaimed the 50 EMA and remains above the 200 EMA, indicating a bullish trend. The Relative Strength Index (RSI) is approaching 60, suggesting increasing momentum. A sustained move above $3.29 could lead to targets of $3.37 and $3.49, while a drop below $3.16 may weaken the bullish structure.

WTI Crude Oil Price Forecast

WTI crude oil is trading around $92.84, aiming for the Fibonacci resistance at $92.98. The price has bounced back from a low of $76.64 and is supported by a rising trendline. The RSI is also moving towards 60, indicating bullish pressure. A breakout above $92.98 could signal a move towards $98.02 and potentially $103.07. Conversely, a rejection at this level may lead to a pullback to $86.73.

Brent Crude Oil Price Forecast

Brent crude is currently at $98.25, having rebounded from a support level of $81.36. The price is above both the 50 EMA and 200 EMA, indicating a positive short-term momentum. The RSI is in the 55-60 range, suggesting strengthening bullish momentum. A sustained move above $101.70 could open the door for a rise to $109.15, while failure to hold above $92.09 may result in a pullback to the $88.00-$84.00 support area.

Conclusion

The energy markets are on edge due to geopolitical tensions and supply risks, particularly in the Strait of Hormuz. Traders are closely monitoring price levels in both oil and natural gas markets, with potential for significant movements based on geopolitical developments and market sentiment.