Natural Gas and Oil Forecast: Warship Risks Spike Prices – Is a $90 Oil Moonshot Next?
Author: Arslan Ali
Published: March 5, 2026
Market Overview
WTI crude futures have surged over 3% to nearly $78 per barrel, marking the highest price since late January. This increase is driven by escalating tensions in a critical oil-producing region, which has heightened supply concerns. Additionally, new export restrictions on refined fuels from a major Asian country have further tightened global energy supplies. The potential for warships to be unable to navigate vital sea routes poses additional risks to fuel shipments.
Current Trends and Predictions
Despite some discussions about calming maritime tensions, market participants remain cautious, anticipating potential difficulties in oil availability. Recent data from the US Energy Information Administration indicated a rise in crude inventories by 3.5 million barrels to 439.3 million, providing some relief amidst ongoing global uncertainties that keep oil and natural gas traders optimistic.
Natural Gas Price Forecast
Natural gas is currently trading around $2.99, maintaining above the critical support level of $2.91, which aligns with the 200-day moving average and a rising trend line. A recent bounce from $2.77 indicates a positive short-term trend. The Relative Strength Index (RSI) is recovering towards 55-60, suggesting further upward movement. Key resistance levels to watch are $3.00, $3.10, and $3.19.
WTI Crude Oil Price Forecast
WTI crude is hovering around $76.63 after breaking decisively above the $74.09-$75.00 resistance zone. The price is now firmly within an upward channel, with the 50-day moving average reclaimed and positioned above the 200-day average, signaling a bullish trend. A strong bullish candlestick indicates aggressive buying interest, although the RSI near 80 suggests potential overbought conditions. Key support levels are at $74.09 and $72.50, while targets for upward movement are $77.12 and $80.72.
Brent Crude Oil Forecast
Brent crude is trading around $83.18, showing strength as it moves through an upward channel. A break above the $78.54-$80.00 resistance zone confirms bullish momentum. Sustained buying interest is evident, with the RSI approaching 80. Support is found at $80.00, while upside targets include $85.01 and $88.34.
Conclusion
The current geopolitical tensions and supply constraints are driving oil prices higher, with the potential for WTI crude to reach $90 per barrel if conditions worsen. Traders should remain vigilant of market developments and technical indicators that could signal shifts in momentum.