Oil and Gas Prices Stabilize as Middle East Truce Holds and Technical Supports Kick In

Key Facts

1WTI crude rebounded to $94.62, defending its technical channel support levels.

2Brent crude advanced to $97.48 while Natural Gas maintained stability at $3.166.

Amid a relative calm in regional tensions, energy markets demonstrated notable resilience as the Middle East truce remained intact. According to reports, WTI crude rebounded to $94.62, successfully defending technical support levels within its price channel. Brent crude advanced to $97.48 while Natural Gas maintained stability at $3.166, reflecting a reduction in the geopolitical risk premium that had previously heightened volatility.

This stabilization occurs as global markets digest mixed growth signals, with Eurozone annual inflation rising to 3.2% in June 2026 per market data (close June 2, 2026). Compared to other commodities, traders are monitoring oil's ability to breach current resistance levels amid steady production, especially following the US ISM Manufacturing PMI which posted a positive reading of 54 earlier this month.

Looking ahead, investors are watching the current support levels for WTI at $94.62 (close June 8, 2026) to confirm the sustainability of the rebound. On the economic calendar, market participants are awaiting US crude inventory data and central bank cues, including an upcoming speech by the Fed's Neel Kashkari, which could impact dollar strength and subsequent commodity pricing.