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Tuesday, July 14, 2026

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☀️Morning Wire7:00 AM CST

Oil Prices

Oil Prices Surge Past $86 on Renewed Middle East Tanker Attacks

Oil prices surged on Tuesday, with Brent crude climbing above $86 a barrel, driven by renewed attacks on tankers in the critical Strait of Hormuz and escalating Middle East tensions, according to live market data and news reports. The front-month Brent contract was trading at $86.19, up $2.89 or 3.47%. The U.S. benchmark, West Texas Intermediate (WTI), rose $1.69 to $79.83 per barrel, a gain of 2.16%. The Bakken crude differential narrowed to a $3.42 discount to WTI. The price rally was ignited by an Iranian attack on two United Arab Emirates-owned tankers in the Strait of Hormuz early Tuesday, July 14, according to a report from OilPrice.com. The UAE's Ministry of Defense stated the tankers Mombasa and Al Bahiyah were targeted by Iranian cruise missiles in Omani territorial waters, resulting in one fatality and multiple injuries. ADNOC Logistics and Services confirmed the attacks caused significant damage to the vessels....

☀️Morning Wire·Jul 14

Rig Report

North Dakota Rig Count Holds at 26, Flat Week-over-Week

North Dakota's active drilling rig count held steady at 26 on Tuesday, July 14, according to live data from Bakken Wire. There were no new rigs added, no rigs removed, and no rigs that moved locations since the prior day's report. The current count represents a slight increase of two rigs compared to one week ago, when 24 rigs were active on July 7. However, the tally is identical to the count from exactly one month ago on June 14, indicating a period of relative stability in drilling activity over the medium term. The Bakken formation is North Dakota's primary oil-producing region, and the rig count is a closely watched leading indicator for future production and operator investment. A stable count around the mid-20s suggests operators are maintaining a consistent, though historically moderate, pace of development drilling. Following the industry downturn earlier in the decade, rig activity in the state...

☀️Morning Wire·Jul 14

Daily Activity

Seven New Permits Approved; Devon Wells Released from Confidential Status

The North Dakota Department of Mineral Resources approved seven new drilling permits on Monday, July 13, 2026, according to its daily activity report. The permits were filed by Slawson Exploration Company, Formentera Operations LLC, and Phoenix Operating LLC. Slawson Exploration Company received one permit, 43109, for the STAMPEDE 4-36-25JH well in Williams County. The well is listed in a 'CONFIDENTIAL' field. Formentera Operations LLC was approved for two permits in Burke County, both also in 'CONFIDENTIAL' fields. These are the RABBIT-10-33-PGN S517HF (43110) and the GABRIEL-10-34-PGN S610HX (43111). The most active operator in Monday's report was Phoenix Operating LLC, which secured four permits for a project in Divide County. All four wells—the AKEMI FERRARI 14-11-2 1H-LL (43113), 3H (43114), 4H (43115), and 5H (43116)—are located in the SW SE and SE SE of Section 14-160N-98W within the SKABO field. This multi-well pad development signals continued activity in the northwestern reaches...

☀️Morning Wire·Jul 14

Global Markets

Global Market Shifts Pose Mixed Outlook for Bakken Crude

A series of global market developments reported Sunday are creating a complex price environment for Bakken crude oil producers. According to Rigzone, Russian refinery runs have plunged to their lowest level in more than 21 years due to a wave of Ukrainian attacks. This disruption typically reduces global supply of refined products like diesel and gasoline, which can support crude prices. Conversely, the United Arab Emirates informed OPEC that its oil production surged by 80 percent last month, according to a separate Rigzone report. A significant increase in supply from a major OPEC producer like the UAE exerts downward pressure on global crude benchmarks, including the West Texas Intermediate (WTI) price that Bakken crude is typically priced against. These opposing forces—geopolitical supply disruption versus increased OPEC+ output—create near-term uncertainty for Bakken operators. The net effect on wellhead economics in North Dakota will depend on which factor dominates the market. Operators...

☀️Morning Wire·Jul 14

Global Markets

Iran Defies U.S. Blockade; Asian Buyers Return to U.S. Crude

Iran has vowed to continue its oil exports despite a reinstated U.S. naval blockade, setting the stage for sustained volatility in global crude flows that benefits secure suppliers like the United States. Iranian Oil Minister Mohsen Paknejad said on Tuesday that the country's oil exports are continuing "without interruption" and at the same pace as before, despite the U.S. canceling a 60-day waiver of sanctions last week, according to OilPrice.com. Paknejad stated Iran has spent years building mechanisms to neutralize U.S. sanctions. The defiant stance comes amid a major re-escalation in the region, including Iranian attacks on tankers, U.S. strikes, and the U.S. reinstating a blockade on Iranian ports and oil cargoes on July 14. In the week prior to the blockade, Iran is estimated to have moved supertankers carrying 12 million barrels of crude, with analysts noting it will continue shipping crude to Chinese independent refiners via established laundering...

☀️Morning Wire·Jul 14

Operator News

Global Oil Tensions Rise as BP Signals $1B Low-Carbon Writedown

Oil prices surged after former President Donald Trump announced plans to reinstate a blockade on Iranian shipping and impose fees on cargo transiting the Strait of Hormuz, according to Rigzone. The critical chokepoint for global seaborne oil trade is facing renewed geopolitical risk, a factor that typically supports higher crude benchmarks. In a related escalation, the Iran-backed Houthi group in Yemen fired ballistic missiles and drones on Saudi Arabia, Rigzone reported separately. Attacks on major oil producer Saudi Arabia contribute to a risk premium in global oil markets. For Bakken operators, heightened geopolitical tensions can lead to increased price volatility and improved near-term revenue for oil sold at benchmark prices. However, sustained high prices could also pressure global demand and refining margins. The developments underscore the Bakken's exposure to international supply disruptions despite its inland location. In company-specific news, major operator BP said it expects to write down another $1...

☀️Morning Wire·Jul 14

Pipeline & Infrastructure

Global Tensions, SPR Status Highlight Need for Secure Supply

Oil prices surged on Monday after a reported escalation in the battle for control of the Strait of Hormuz, a critical global oil transit chokepoint. According to Saxo Bank, fresh strikes by U.S. and Iranian forces renewed concerns about the safe passage of oil through the narrow waterway, Rigzone reported. Such geopolitical disruptions underscore the value of secure domestic supply chains, including those from the Bakken formation. The instability comes as the U.S. Strategic Petroleum Reserve (SPR) remains at historically low levels. Rigzone reported the SPR is 56 percent empty, or conversely, just 44 percent full, as of July 13. The drawn-down state of the national stockpile reduces a key buffer against supply shocks, potentially increasing the market's reliance on steady production from domestic basins like the Bakken. In a parallel move highlighting global concern over supply security, South Africa plans to increase its strategic oil reserves for the first...

☀️Morning Wire·Jul 14

Production Data

North Dakota Rig Count Holds at 26 as Oil Prices Firm

North Dakota's oil drilling activity held steady this week with 26 active rigs, according to live Bakken Wire data. The count remains near multi-year lows, suggesting operators are maintaining a disciplined approach to capital spending despite a recent firming in oil prices. West Texas Intermediate (WTI) crude traded at $79.83 per barrel on Tuesday, a gain of $1.69 or 2.16% from the prior session. The international Brent benchmark saw a stronger move, rising 3.47% to $86.19. The Bakken crude differential narrowed to a discount of $3.42 per barrel versus WTI. Natural gas prices were reported at $2.87 per MMBtu. The current rig count is a critical leading indicator for future oil production in the Bakken formation. Historically, a sustained increase in the number of drilling rigs precedes a rise in output several months later, as new wells are completed and brought online. Conversely, a low and stable rig count, as...

☀️Morning Wire·Jul 14

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