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If it's marketed as an iPhone, Apple Pencil support is unlikely. Apple has long championed a touch-first approach, and no Apple Pencil support for the iPhone clearly separates it from the iPad. If it's marketed as an iPhone and iPad hybrid device, Apple Pencil support seems like more of a possibility.
Apple might not be able to implement Apple Pencil support at all because of technical limitations. Rumors suggest that the iPhone Fold is so thin that it doesn't have the space for the TrueDepth camera hardware for Face ID, so Apple is instead adding a Touch ID button to the device. With space at such a premium, a digitizer layer for the Apple Pencil is probably impossible. Apple also needs to take into account how an Apple Pencil would impact iPhone Fold features like the crease in the middle, and that might add too much complication.
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