WTI Gains 1% to $76.61, Bakken Differential Holds at -$3.42

Oil prices posted modest gains in midday trading Friday, with West Texas Intermediate (WTI) crude rising 1% to $76.61 per barrel. The international benchmark Brent crude traded at $80.63, according to live price data. The discount for Bakken crude versus WTI was $3.42.

The price movement comes amid a volatile week driven by geopolitical developments in the Middle East. OilPrice.com reported that ICE Brent is set to close the week with an $8 per barrel week-on-week loss, falling to $80 per barrel, despite a U.S.-Iran ceasefire agreement. The signing of the ceasefire might provide a 60-day evacuation window for crude tankers trapped in the Gulf, but the pace of outflows has been low. Markets are betting on a reopening of the Strait of Hormuz, a key global oil chokepoint, according to the source.

For North Dakota operators, current prices remain supportive of activity. State regulator Nathan Anderson, director of the Department of Mineral Resources, stated that energy companies will likely keep crude production steady this year despite the recent price drop, according to a Reuters report published June 18. Anderson noted that operators in North Dakota continued to produce between 1 and 1.5 million barrels per day even when oil prices were at $60 and expects similar production if prices remain around current levels.

Anderson, speaking at a Bismarck media briefing, said two operators have announced plans to add new rigs: Continental Resources and a private operator adding a rig in July. The state regulator reported 26 drilling rigs operating in North Dakota, unchanged from the previous month, and 93 permits issued to energy companies in May, up from 83 in April. April crude oil production was 1,137,155 barrels per day, a slight decrease of 6,000 bpd from March.

"My experience is that $75 oil is a good price," Anderson was quoted as saying.

The week's news also highlighted continued commercial activity in the basin. Vivakor, Inc. announced on June 17 that its trading platform entered a one-year crude oil transaction commencing July 1, 2026, covering approximately 120,000 barrels per month. Based on current pricing, the agreement is anticipated to generate approximately $9.6 million in gross revenue per month, or $115 million annualized. The crude will be delivered through Vivakor's pipeline-connected injection facilities at Stanley and Beaver Lodge, North Dakota.

In broader market context, OilPrice.com noted that OPEC, in its 2026 World Oil Outlook, boosted its expectations of crude demand growth, projecting an incremental 8 million b/d of growth between now and 2030. Meanwhile, Iran's crude exports have resumed after three tankers transited the Gulf of Oman this week, marking the end of a two-month U.S. blockade.

Natural gas prices saw a slight decline, trading at $3.21, down $0.03 from the previous settlement.