Oil Prices Steady Despite Geopolitical Selloff; Bakken Differential Widens

Front-month oil prices were flat to slightly lower on Friday morning, stabilizing after a significant weekly selloff driven by a breakthrough U.S.-Iran agreement. West Texas Intermediate (WTI) crude was trading at $75.85 per barrel, unchanged from the prior close. Brent crude edged down to $79.73, according to live market data.

The modest moves followed a week of sharp losses. August WTI futures fell 8.73% during the week ending June 19, dropping $7.22 to settle at $75.22, according to OilPrice.com. The selloff came as traders aggressively removed geopolitical risk premiums from the market following diplomatic progress. The agreement is designed to end conflict and restore commercial oil flows through the Strait of Hormuz, with the potential for additional Iranian crude exports to re-enter the global market.

For Bakken producers, the local price benchmark showed relative weakness. The Bakken crude differential widened to a discount of $3.42 per barrel versus WTI, according to live price data. Natural gas prices also dipped, trading at $3.21.

Despite the price decline, North Dakota's state regulator expects oil production in the state to remain steady this year, according to a Bing News summary published June 18. This suggests local operators are likely to maintain output levels in the current price environment.

The news of a major new Bakken marketing deal provided a counterpoint to the broader price concerns. On June 17, Vivakor, Inc. announced its supply and trading division secured a one-year crude oil transaction covering approximately 120,000 barrels per month, according to a company press release. Based on current pricing, the deal is expected to generate about $115 million in annualized gross revenue starting July 1, 2026. The crude will be delivered through Vivakor's pipeline-connected facilities at Stanley and Beaver Lodge, North Dakota.

"The Bakken remains one of North America's most important crude oil producing regions, and this agreement further strengthens our commercial presence in the basin," said Vivakor Chairman and CEO James Ballengee, according to the release. The company stated the deal brings its total estimated recurring contracted revenue opportunities for 2026 to approximately $300 million.

For Bakken operators, the week's events highlight a market transitioning from supply fears to increased supply expectations. While the potential return of Iranian oil weighs on global benchmarks, continued commercial activity and steady local production expectations suggest underlying demand for Bakken crude remains intact. The wider Bakken differential indicates local crude is facing competitive pressure in the broader market.