Oil Prices Surge Over $90 as Supply Losses Mount

Global oil prices surged Wednesday, with both major benchmarks climbing nearly 3% to trade above $90 per barrel, according to live market data. The rally is being driven by mounting concerns over persistent supply disruptions.

West Texas Intermediate (WTI) crude settled at $90.82, a gain of $2.62 or 2.97%. The international benchmark Brent crude rose $2.42, or 2.65%, to $93.87. Natural gas prices also moved higher, adding $0.08 to reach $3.22 per MMBtu.

The price surge is directly linked to significant and ongoing supply losses in key producing regions. According to a report from Rigzone citing Rystad Energy, cumulative supply losses have now reached one billion barrels. Aditya Saraswat, Rystad Energy's MENA Research Director, stated, "Cumulative losses have now reached one billion barrels and are on track to nearly double by year-end under our base case."

For Bakken operators, the strong price environment significantly improves cash flow and drilling economics. The Bakken crude differential, the discount at which local crude trades versus WTI, was reported at -$3.42. This means Bakken oil is priced at approximately $87.40 per barrel. While operators sell at a discount to the WTI benchmark, prices in the high-$80s provide a robust revenue stream, supporting continued activity in the Williston Basin.

Sustained prices at these levels can incentivize operators to maintain or slightly increase drilling and completion activity, particularly for wells in the core of the play. The price strength also benefits mineral rights owners through higher royalty payments.

The market's sharp move underscores its sensitivity to supply shocks. With losses projected to grow, the structural tightness in the physical market is providing a firm floor under prices. This environment reduces the downside price risk for North Dakota producers in the near term.

The midday price action reflects a market reassessing the duration and scale of supply outages. With the loss of one billion barrels of cumulative supply already locked in, traders are pricing in a tighter balance for the remainder of 2026.