Oil Prices Hold Steady After Mid-Week Geopolitical Spike

Oil prices were unchanged in Sunday trading, holding onto gains made earlier in the week driven by geopolitical tensions. West Texas Intermediate (WTI) crude held at $95.42 per barrel, while the international benchmark Brent crude was steady at $101.29, according to live price data. Natural gas was flat at $2.76.

The static prices follow a period of market volatility. According to a Rigzone report from May 8, crude settled higher that day due to fresh clashes in the Gulf and uncertainty over Iran's response to a U.S. peace proposal. The lack of movement on Sunday suggests traders are pausing to assess the evolving situation.

For Bakken producers, the price stability at a high level is supportive. The Bakken differential—the discount at which Bakken crude trades versus WTI—was recorded at -$3.42. This means Bakken crude is currently priced at approximately $92.00 per barrel at the wellhead, a strong price for the region.

Sustained prices above $90 for WTI provide significant cash flow for operators across the Williston Basin. This price environment supports continued drilling and completion activity, as well as workovers on existing wells. The narrow differential also indicates strong demand and efficient takeaway capacity for Bakken barrels to refining markets.

The primary driver for the current price floor remains geopolitical risk. The Rigzone report highlighted that volatility was centered on events in the Gulf, a critical chokepoint for global oil shipments. Any escalation that threatens transit through the Strait of Hormuz typically triggers a risk premium in crude markets.

While Sunday's session showed no price change, the underlying market structure remains sensitive to headlines from the Middle East. For North Dakota operators, the focus will be on whether the differential remains tight and if WTI can maintain its position near $95. Continued strength would bolster state tax revenues and royalty payments to landowners.