Iran Halts Talks: Crude at the Crossroads

Tuesday, June 2, 2026. CRUDE OIL TECHNICALS: WTI trading $91.30-$91.33, down ~0.9% on day. Session range ~$91.30-$92.64. KEY LEVELS: Support $91.17 (below that $91.33, below that $91.55), Resistance $91.93 (above that $92.09, above that $92.31). TECHNICAL ANALYSIS: Investing.com technical summary Strong Sell overall. Moving averages show Sell (short-term MAs 5/10/20 periods signaling sell, MA50/100 buy, MA200 sell). Technical indicators Strong Sell (STOCH sell, CCI sell, ROC sell, RSI neutral ~49.8, MACD buy, several oversold readings STOCHRSI/Williams %R). SETUP: Markets at bottom of large consolidation range, seeking momentum amid headline-driven volatility. DailyForex June 2026 monthly forecast: WTI expected stay choppy/volatile near $100 level as key pivot area, $85 as major support amid ongoing Middle East supply/geopolitical risks, range-bound behavior likely persist. TradingView: Current price action $87-$92 range recently, overall technical rating Neutral, mixed signals across timeframes. LiteFinance technical outlook: Strong upward momentum on longer-term charts post-correction, nearest support shifted to $88-$90 zone, resistance ~$107 (potential $120), SMA50 uptrending, MACD positive, RSI stabilized. BROADER CONTEXT: Prices consolidating $85-$110 zone amid geopolitical tensions, Middle East supply risks supporting risk premium, June expectations lean toward choppiness rather than strong directional breakout. OVERALL TECHNICAL PICTURE: Short-term bearish/neutral pressure, Strong Sell on aggregates, short-term MAs and several oscillators negative, medium-term signals mixed, longer-term views point to potential support $85-$90 and upside toward $100-$107+, market appears range-bound/choppy around current levels $90-$100, influenced by geopolitics/consolidation. NATURAL GAS TECHNICALS: Henry Hub trading $3.0-$3.3 area, settlements near $3.04 or higher intraday. KEY LEVELS: Support $2.913 (1st), $2.786 (2nd), $2.715 (3rd). Resistance $3.111 (1st), $3.182 (2nd), $3.309 (3rd). Classic pivots S3 $3.126, S2 $3.151, S1 $3.171, Pivot $3.196, R1 $3.216, R2 $3.241, R3 $3.261. Additional context: 52-week Fib retracements ~38.2% near $3.224, psychological levels like $3.00. GEOPOLITICS: Iran halted negotiations with US on June 1, announced plans to fully block Strait of Hormuz. Iranian state media Tasnim stated negotiators would stop exchanging messages with US via intermediaries in retaliation for alleged ceasefire violations. Tehran would move to completely close strait. Oil prices rose 7%+ on report. LATE MAY CONTEXT: US officials reported close to agreement with Iran to extend existing ceasefire, reopen Strait of Hormuz to shipping, launch further talks on Iran's nuclear program. Reports indicated tentative MOU for 60-day ceasefire extension, unrestricted shipping through strait (no tolls/harassment, Iran to remove mines ~30 days), sanctions relief elements, limits on highly enriched uranium. Trump reportedly reviewed/edited proposed framework, sending tougher terms back (including strait/uranium destruction), deal described as largely negotiated but pending final approvals. SETUP: Crude at critical technical juncture, short-term bearish, but longer-term support $85-$90. If Iran closes Strait, expect break above $92.31, target $100-$110. If negotiations resume, expect break below $91.17, target $85-$88. Gas consolidating $2.913-$3.111, waiting for catalyst.