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WTI rebounds near $78 amid Hormuz risks; Brent eyes breakout above 100 EMA; natural gas remains bearish.

Market News
07 Aug 2026
FXEmpire
View Source
Neutral
WTI rebounds near $78 amid Hormuz risks; Brent eyes breakout above 100 EMA; natural gas remains bearish.

WTI crude oil prices have rebounded to around $78.48 but face resistance from a descending trendline, while Brent crude is recovering above its 50-period EMA and approaching the 100 EMA, signaling potential bullish momentum. U.S. crude inventories unexpectedly rose, though gasoline and distillate stocks remain low due to high refinery use. OPEC+ is easing production cuts, but supply recovery is uneven amid ongoing disruptions in Persian Gulf exports linked to the Strait of Hormuz conflict. Natural gas prices remain bearish technically, trading below key moving averages despite strong U.S. storage and LNG demand. Market volatility persists as geopolitical risks and supply uncertainties continue to influence energy prices.

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