Oil prices hit four-month highs as Brent nears $70 and WTI tops $64 on escalating U.S.–Iran tensions.

Overview

The global commodities landscape for WTI crude oil (CL=F), Brent crude oil (BZ=F), and Natural Gas (NG=F) is currently shaped by a blend of technical factors and heightened geopolitical tensions. As of late January 2026, these markets are exhibiting consolidation patterns, with price movements closely tied to developments in the Middle East and Eastern Europe. The following analysis examines the latest data, technical signals, and geopolitical influences impacting these major energy commodities.

Technical Analysis

WTI Crude Oil (CL=F):

WTI crude oil is trading at $60.98 per barrel. The technical picture reveals strong support near $59.8 and immediate resistance at $63.7. The price remains below the 50-day EMA, indicating lingering bearish momentum. With the RSI at 48, the market is in a neutral momentum zone. A sustained close above $61.5 could prompt a rally toward $64, while a break below support may extend declines to $57.8. This technical setup suggests a market awaiting a decisive catalyst.

Brent Crude Oil (BZ=F):

Brent crude is priced at $64.77 per barrel, with nearby support at $63 and resistance at $65.5, which aligns with the 50-day EMA. The commodity is trading below major moving averages, highlighting persistent overhead resistance. Momentum indicators such as the RSI (45) and a flat MACD signal a sideways trend with weak directional conviction. A daily close above the $67.5 range could trigger a reversal toward $69.5.

Natural Gas (NG=F):

Natural gas is currently at $3.09, with immediate support at $3.07 and resistance at $3.16. The price remains under the 50-day EMA ($3.02), reinforcing a bearish technical structure. The RSI at 50 implies neutral momentum, while MACD’s positive divergence hints at possible upward movement. Market direction remains bearish unless prices climb above the $3.07 area.

Latest News and Events

Recent geopolitical turmoil has played a critical role in shaping commodity prices, particularly for oil and natural gas. In early January 2026, WTI and Brent crude saw prices climb to multi-week highs—Brent near $63 and WTI above $60—driven by escalating instability in Iran. The threat of disruptions through the Strait of Hormuz, a vital channel for 20% of global seaborne oil, heightened market fears. Additional volatility stemmed from U.S. sanctions targeting Russian energy firms, set for enforcement from November 21, 2025, and recent Ukrainian strikes on Russian oil assets.

The assassination of Hamas leader Ismail Haniyeh in Iran further fueled concerns of regional escalation, resulting in a nearly 3% to $80.81. Despite a 3% drop in both NYMEX WTI and ICE Brent crude futures due to higher U.S. crude inventories, the “geopolitical premium” has prevented a more pronounced downturn, underscoring how supply disruption risks continue to anchor prices.

Conclusion

The current environment for WTI crude oil, Brent crude oil, and Natural Gas is marked by technical indecision and pronounced sensitivity to global geopolitical risks. Both oil benchmarks are consolidating near key support and resistance levels, awaiting a trigger for the next decisive move. Natural gas remains under bearish pressure, though technical signals suggest the possibility of a turnaround if resistance levels are breached. Geopolitical developments—particularly in the Middle East and between the U.S. and Russia—remain dominant forces, injecting volatility and supporting prices against broader bearish trends. In the short term, traders should closely monitor both technical breakout points and geopolitical headlines, as these will likely dictate the direction of the next significant move.

Please note that the analysis is for informational purposes only and does not constitute financial advice. Users should conduct their own research.