WTI Tops $90, Bakken Differential Holds Steady Amid Global Supply Concerns

West Texas Intermediate crude futures traded above $90 per barrel on Thursday, as ongoing conflict in the Middle East continues to underpin a tight global oil market. WTI was priced at $90.88 in midday trading, a gain of $0.85 or 0.94%, according to live market data. The international benchmark Brent crude rose 0.41% to $93.48. The discount for Bakken crude at the wellhead held at $3.42 below WTI.

The price strength is linked directly to the Iran War, which has severely threatened the flow of oil through the critical Strait of Hormuz. According to a report from OilPrice.com, the strait handles around 20% of globally consumed petroleum, and Tehran's ability to close it has "sharply crimped world oil supply." This has triggered an oil shock, with prices reaching levels not seen since Russia's invasion of Ukraine.

While high prices strain consumers, they are creating windfalls for major new oil producers. The same OilPrice.com report highlights Guyana, which has rapidly become a global exporter, pumping an average of 903,000 barrels per day in April 2026. This supply, however, has not been enough to offset the geopolitical risk premium baked into current prices.

In the United States, a significant drawdown in commercial inventories is providing additional support. Data from the Energy Information Administration, cited by Rigzone, shows U.S. commercial crude oil stocks, excluding the Strategic Petroleum Reserve, fell by over 7 million barrels week-over-week to stand at 426.5 million barrels as of June 5. This substantial decline suggests robust demand or tightening domestic supply.

For Bakken operators, sustained prices above $90 WTI provide a strong economic signal for continued drilling and completion activity, even with the regional differential. The current Bakken discount of just over $3 per barrel is manageable at these price levels, ensuring wells remain highly profitable. The inventory draw also indicates healthy downstream demand for crude, including light sweet barrels typical of the Bakken formation.

Elsewhere in the energy complex, natural gas prices showed weakness, trading at $3.09, down $0.10 on the day. At the pump, U.S. gasoline prices have fallen for four consecutive weeks, according to a GasBuddy blog highlighted by Rigzone, though the firm warned that "the streak may be in danger" given the recent climb in crude feedstock costs.

The overall market dynamic remains focused on geopolitical risk versus global supply responses. For North Dakota producers, the high-price environment driven by overseas conflict is a near-term positive, though the broader economic strain it causes could eventually dampen demand.