Monday, July 13, 2026

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Oil Prices

Oil Prices Surge Over 3% on Strait of Hormuz Escalation

Global oil benchmarks jumped more than 3% in early Monday trading following a weekend of escalated military actions between the U.S. and Iran centered on the Strait of Hormuz, according to live price data and reports from OilPrice.com. The surge renews supply disruption fears critical to the global market. West Texas Intermediate (WTI) crude traded at $73.80 per barrel, a gain of $2.39 or 3.35%. The international benchmark, Brent crude, rose to $78.52, up $2.51 or 3.3%, according to live data. The Bakken oil price differential to WTI was $-3.42 per barrel. The price spike follows intense U.S. strikes on Iran and Iranian retaliatory missile attacks on five U.S. allies in the region, including Bahrain, Kuwait, Qatar, Jordan, and Oman, OilPrice.com reported. Iran claimed the Strait of Hormuz is closed, though the U.S. disputes that assertion. Maritime traffic through the critical oil chokepoint has slowed to a trickle. “Clearly, the...

☀️Morning Wire·Jul 13

Rig Report

North Dakota Rig Count Holds at 24 Amid Global Supply Concerns

North Dakota's active drilling rig count remained unchanged Monday at 24, according to live data from Bakken Wire. The figure shows no movement from the previous day, with no new rigs added, no rigs removed, and none relocated. The current count represents a slight increase of one rig compared to one week ago, when 23 rigs were active on July 6. However, activity remains down by two rigs from the level seen one month ago on June 13, when 26 rigs were operating in the state. The steady local rig activity unfolds against a backdrop of renewed global supply concerns. According to a report from OilPrice.com, Iran's Islamic Revolutionary Guard Corps warned Monday that continued U.S. military intervention in the Strait of Hormuz "could lead to greater incidents in the global oil and gas sector." The warning follows a weekend of escalated hostilities, including U.S. strikes on Iran and Iranian...

☀️Morning Wire·Jul 13

Daily Activity

DMR Daily Activity Report Shows No New Filings for Sunday

The North Dakota Department of Mineral Resources (DMR) issued no new daily activity filings for Sunday, July 12, 2026. The DMR's daily activity report typically lists new drilling permits approved, wells spudded (drilling begun), well completions reported, and wells plugged. The absence of new filings indicates no such regulatory actions were processed by the state on Sunday. Days with no reported activity are normal, especially on weekends and during holidays, when state offices are closed and operator field reporting slows. The next report, covering activity for Monday, July 13, is expected to be released on Tuesday. The daily activity report is a key indicator of near-term drilling and completion work in the Bakken formation. Sustained periods without new permits can signal a slowdown in future drilling plans, while a lack of reported completions can affect monthly oil production totals. Industry analysts and royalty owners monitor these reports to gauge operator...

☀️Morning Wire·Jul 13

Operator News

Chevron Secures Five-Year Australian Gas Supply Deal

Chevron Corporation has signed a new agreement to supply natural gas from Western Australia to utility Alinta over a five-year term, according to a report from Rigzone. The deal, announced July 10, covers 46 petajoules of gas. For Chevron's operations in the Bakken formation of North Dakota, the international supply contract reinforces the company's integrated global gas business. While the sourced gas is from Australia, long-term offtake agreements provide stable revenue streams that support capital allocation across a major producer's entire portfolio, including onshore U.S. assets. Bakken operators like Chevron are part of large, diversified energy companies with global liquefied natural gas (LNG) and trading operations. Securing long-term customers for gas supplies, regardless of the basin of origin, contributes to corporate financial health. This stability can indirectly benefit the company's ongoing investment decisions in its North American shale portfolios. The deal also underscores the continued global demand for natural gas,...

☀️Morning Wire·Jul 13

Global Markets

Nigeria's Rising Output Adds to Global Supply as Middle East Risks Mount

Global oil markets are contending with two divergent forces: a significant production increase from a key OPEC member and escalating geopolitical risks in the Middle East, according to reports from July 13 and July 10, 2026. For Bakken operators, these developments underscore the external supply and price pressures that directly impact North Dakota's oil-dependent economy. Nigeria's crude oil production hit a six-year high in June, reaching 1.56 million barrels per day (bpd), according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported by OilPrice.com. This is the largest average monthly production volume since April 2020. Total crude oil and condensate production rose for the fourth consecutive month to 1.735 million bpd. The NUPRC stated the improved performance was "primarily driven by stable production operations across most producing assets and the absence of any major pipeline outages during the period under review." Nigeria produced 104% of its OPEC+ quota...

☀️Morning Wire·Jul 13

Global Markets

Iran Strikes Gulf States, Tanker Traffic Plummets at Hormuz

Iran launched missile and drone strikes against five Gulf countries on Sunday, July 12, directly targeting energy infrastructure and U.S. military assets, according to OilPrice.com. The attacks on Qatar, Bahrain, Kuwait, Oman, and Jordan mark a significant regional escalation following U.S. strikes on Iranian targets. The conflict has immediately throttled maritime traffic through the critical Strait of Hormuz. Tanker traffic through the strait collapsed to just six vessels on Sunday, the lowest number in five weeks, Reuters reported citing Kpler data. By early Monday, no ships were visible on tracking systems attempting to transit the chokepoint. In response to the heightened danger, oil and LNG tankers are once again switching off their AIS transponders to travel in "dark mode," a tactic used to avoid detection. Maritime intelligence firm Windward reported eight dark vessels active in the eastern approaches to the Strait of Hormuz on July 12, with none transmitting location...

☀️Morning Wire·Jul 13

Operator News

Oil Prices Jump Amid Escalating US-Iran Conflict in Hormuz

Global oil prices surged Monday morning after the United States and Iran exchanged fresh military strikes in the Strait of Hormuz, according to reports from Rigzone. The overnight tit-for-tat attacks renewed immediate concerns over the safe passage of oil and other commodities through the critical global chokepoint. Saxo Bank noted the escalation has sparked fears about supply security, according to a Rigzone summary. The Strait of Hormuz is a vital maritime route for Middle Eastern crude exports, and any threat to shipping can cause rapid price volatility in international markets. For Bakken operators, a higher global price environment can improve margins and cash flow, even though North Dakota crude is priced relative to inland benchmarks. In separate operator news, French energy major TotalEnergies is selling a portfolio of small-scale solar assets in Europe. The company stated the move is part of an effort to refocus its renewable development on large...

☀️Morning Wire·Jul 13

Pipeline & Infrastructure

Global Supply Shifts, Regulatory News Dominate Pipeline Roundup

The International Energy Agency reported the United Arab Emirates pumped oil at a record average of 4.1 million barrels per day in June, according to Rigzone. The surge in output from a major OPEC producer adds to global supply dynamics that influence the pricing environment for Bakken crude. Separately, Venezuela's interim government published long-awaited new oil regulations last Thursday, Rigzone reported. The rules are intended to break up the country's state oil monopoly. Any potential for increased Venezuelan production remains a long-term factor in global markets, which compete with crude from formations like the Bakken. In U.S. regulatory news, the Bureau of Ocean Energy Management is exploring the potential use of the Outer Continental Shelf for space launch and recovery operations. Acting BOEM Director Matt Giacona said, "The Outer Continental Shelf presents a significant opportunity to support the future of America's space economy," according to Rigzone. While focused on offshore...

☀️Morning Wire·Jul 13

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Surge Over 4% on Renewed Iran Tensions, Refinery Bottlenecks

Crude oil prices surged more than 4% in midday trading Monday, with West Texas Intermediate (WTI) climbing $3.44 to settle at $74.85 per barrel. Brent crude rose $3.68 to $79.69, according to live market data. The rally reverses a recent slide, underscoring the market's acute sensitivity to geopolitical risk. The sharp increase follows renewed U.S.-Iran hostilities, which have reintroduced fears of supply disruption in the critical Persian Gulf region. According to a report from OilPrice.com, the market had been losing its wartime price gains due to returning barrels and oversupply concerns, but tensions have quickly reversed that trend. The report notes that tanker traffic through the Strait of Hormuz has recovered to about three-quarters of pre-war levels, but the latest fighting threatens that progress. Meanwhile, a significant disconnect persists between crude supply and refined product markets. The International Energy Agency (IEA) reported that global refining margins hit four-year highs in...

🔆Midday Wire·Jul 13

Global Markets

Global Emissions Hit Record High as EU Rushes Russian Gas Before Ban

Global energy-related greenhouse gas emissions reached another all-time high in 2025, rising to 41.0 billion metric tons, according to the Energy Institute's 2026 Statistical Review of World Energy. The report, published in partnership with Ember, KPMG, and Kearney, noted a 1.1% increase from 2024's 40.7 billion metric tons. Notably, North America accounted for 47.1% of the global emissions increase last year, despite representing only 15.6% of total worldwide emissions. This rise occurred even as renewable electricity generation grew by roughly 861 terawatt-hours in 2025, more than covering the net global increase in power generation. Coal-fired generation fell and gas-fired generation rose only modestly, indicating the emissions growth is driven by broader factors including transportation, industrial activity, and fossil fuel production processes—a dynamic relevant to the oil and gas-intensive Bakken formation. Meanwhile, European Union nations are accelerating imports of Russian liquefied natural gas (LNG) ahead of a full ban set for...

🔆Midday Wire·Jul 13

Global Markets

Global Energy Pressures Mount: IEA Criticizes Europe, Solar Costs Rise, SPR Low

The head of the International Energy Agency (IEA) has sharply criticized Europe for failing to reduce its reliance on imported fossil fuels fast enough since the 2022 energy crunch, according to OilPrice.com. IEA Executive Director Fatih Birol called Europe's low electrification rate of roughly 23 percent a "major mistake" that is harming its economic competitiveness and sovereignty. Birol's comments come as Europe faces a renewed energy crisis, with conflicts in the Middle East constraining global oil supply after U.S. strikes damaged oil fields and major ports. The IEA warned in March that the situation was "creating a major energy crisis," OilPrice.com reported. In response, the European Commission plans to propose measures next week to lower taxes on electricity to encourage adoption of heat pumps and electric cars. Meanwhile, the cost of building new utility-scale solar power has risen significantly. An analysis by Lazard found unsubsidized solar costs rose 18% to...

🔆Midday Wire·Jul 13

Operator News

Global Events Lift Oil Prices, Long-Term Demand Questions Emerge

Oil prices jumped Monday following an escalation in the battle for control of the Strait of Hormuz, according to Rigzone. Fresh strikes by the U.S. and Iran renewed concerns about the safe passage of oil through the critical waterway, Saxo Bank said. For Bakken producers, such geopolitical disruptions typically provide a short-term price boost, increasing the value of crude extracted from the Williston Basin. The Strait of Hormuz is a vital chokepoint for global seaborne oil trade, and any threat to shipping can cause immediate market volatility. In a separate development, South Africa plans to increase its strategic oil reserves for the first time since the apartheid era, Rigzone reported. While the direct impact on North Dakota crude flows may be minimal, any expansion of government stockpiling represents incremental demand in the global market, which can support price levels beneficial to Bakken operators and royalty owners. Beyond today's price movements,...

🔆Midday Wire·Jul 13

Pipeline & Infrastructure

Geopolitical Tensions, IEA Push, and Energy Strategy Shifts Mark News

Fresh military strikes were exchanged between the United States and Iran overnight into Monday, according to Rigzone. Such geopolitical flare-ups in key oil-producing regions typically introduce volatility to global crude markets, which can directly impact pricing for Bakken crude. In energy policy news, International Energy Agency Executive Director Fatih Birol has urged the European Union to reconsider its moratorium on drilling for oil and gas in the Arctic, Rigzone reported on July 11. While not directly affecting North Dakota, a major policy shift in the Arctic could influence long-term global supply forecasts and investment flows within the oil and gas sector. Separately, French energy giant TotalEnergies is selling small-scale solar assets in Europe, Rigzone reported July 12. The company stated the sale is part of an effort to refocus its renewable development on large utility-scale solar and wind farms to benefit from economies of scale. This move highlights the ongoing...

🔆Midday Wire·Jul 13

Regulatory

Global Oil Supply Rises as UAE Hits Record June Output

Global oil supply increased in June as the United Arab Emirates pumped crude at a record pace, according to a new report from the International Energy Agency. The UAE's average output reached 4.1 million barrels per day for the month, the IEA said in its monthly oil market report released last week. The report, covered by Rigzone, highlights continued production strength from OPEC+ members even as the broader alliance maintains official output cuts. The UAE holds spare production capacity and has been allowed a higher output baseline under recent OPEC+ agreements. For Bakken shale operators and North Dakota producers, increased supply from major global players like the UAE contributes to the overall market balance, which influences the price of West Texas Intermediate crude, the key benchmark for Bakken oil. Sustained high global production can place downward pressure on prices, potentially squeezing margins for high-cost drilling operations. The Bakken formation remains...

🔆Midday Wire·Jul 13

Production Data

Bakken Rig Count Holds at 24 as Oil Prices Surge Over $74

North Dakota's active drilling rig count remained unchanged at 24 on Monday, July 13, even as crude oil prices posted significant gains. The stability in the rig count, a key leading indicator for future production, suggests near-term Bakken output will likely hold near current levels. The price for West Texas Intermediate (WTI) crude, a key benchmark for Bakken oil, surged by $3.44 to settle at $74.85 per barrel, a gain of 4.82%. The international Brent benchmark rose a similar 4.84% to $79.69. The Bakken crude differential—the discount at which local oil trades versus WTI—was reported at -$3.42, putting the wellhead price for Bakken crude at approximately $71.43. Natural gas prices were reported at $2.90 per MMBtu. Historically, the number of active drilling rigs in the Williston Basin has been a strong predictor of production trends 6 to 12 months out. A sustained increase in the rig count typically leads to...

🔆Midday Wire·Jul 13

Workforce & Community

Bakken Rig Count Holds at 24 as Oil Prices Surge

The number of active drilling rigs in North Dakota held steady at 24, according to live Bakken data for July 13, 2026. This level of activity, coupled with a significant surge in oil prices, sets the current backdrop for workforce and community dynamics in the Williston Basin. West Texas Intermediate (WTI) crude closed at $74.85, a gain of $3.44 or 4.82% for the day. Brent crude rose to $79.69. The Bakken crude differential was -$3.42 per barrel versus WTI. Natural gas was priced at $2.9. In the Bakken region, the direct oilfield workforce—including rig crews, frac hands, and field operators—is closely tied to the active rig count. A count of 24 rigs represents a stabilized, moderate level of drilling activity compared to the boom peaks of the past decade. This suggests employment in the core extraction sector is likely consistent, without the rapid hiring or layoffs seen during more volatile...

🔆Midday Wire·Jul 13

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge Over 9% on Geopolitical Risk, Bakken Differential Holds

Oil prices surged more than 9% on Monday, July 13, driven by renewed geopolitical risk in a critical global oil transit chokepoint. According to live price data, West Texas Intermediate (WTI) crude settled at $78.11 per barrel, a gain of $6.70 or 9.38%. Brent crude, the international benchmark, climbed to $83.36, up $7.35 or 9.67%. The sharp rally follows an announcement from U.S. President Donald Trump that the United States would reinstate its blockade on Iran, as reported by OilPrice.com. This action forces the market to price in the risk of prolonged disruption to energy flows through the Strait of Hormuz, a passage for roughly one-fifth of global oil consumption. The surge has wiped out most of the price losses that followed a ceasefire last month. Traders are reacting despite a lack of widespread physical supply disruptions. According to the source, crude markets rarely wait for export terminals to shut...

🌅Afternoon Wire·Jul 13

Rig Report

North Dakota Rig Count Holds at 26 Amid Two New Permits, Two Moves

The number of active drilling rigs in North Dakota remained unchanged at 26 on Monday, July 13, according to live data from Bakken Wire. The stability follows a net gain of two new rigs and the relocation of two others. Devon Energy Williston, L.L.C., and Murex Petroleum Corporation each permitted a new rig. Devon's "PRONGHORN 7" is slated for McKenzie County (151-102-27), while Murex's "H & P 515" is permitted in Williams County (157-95-29). Two rigs also changed locations: Iron Oil Operating, LLC moved its "NOBLE 4" rig to a site in Mountrail County (154-89-34), and Hess Bakken Investments II, LLC moved the "NABORS X-10" to another Mountrail County location (155-94-3). The current count of 26 rigs represents a gain of three units compared to one week prior, on July 6, 2026, when 23 rigs were active. Compared to one month ago, on June 13, 2026, the rig count is...

🌅Afternoon Wire·Jul 13

Global Markets

Global Sanctions, Refinery Attacks, and Long-Term Demand Concerns Weigh on Oil Outlook

The European Union has dropped plans to sanction the founder of Russia's largest private oil company, Lukoil, according to a report from OilPrice.com. The decision, following a veto from Bulgaria, removes a potential pressure point on one of Russia's key energy players. EU foreign ministers are set to discuss the broader sanctions package on July 13. Concurrently, a wave of Ukrainian attacks has pushed Russian refinery runs to their lowest level in more than 21 years, Rigzone reported. This significant disruption to Russia's downstream capacity could tighten global refined product supplies, indirectly supporting crude oil prices that Bakken producers rely on. Separately, a long-term threat to energy demand emerged from analysis firm Wood Mackenzie. The firm warned that falling global fertility rates threaten long-term energy demand, according to a separate Rigzone summary. This structural concern contrasts with the immediate market disruptions. For Bakken operators, the evolving EU sanctions landscape presents...

🌅Afternoon Wire·Jul 13

Global Markets

Global Energy Shifts: LNG Deals, Grid Warnings, and Geothermal Gains

A United Arab Emirates investment firm has acquired an additional equity interest in Trains 4 and 5 of the flagship Rio Grande LNG project in Texas, according to OilPrice.com. The move by XRG, which is wholly owned by Abu Dhabi National Oil Company (ADNOC), deepens the UAE's strategic presence across all five trains under construction at one of the world's largest U.S. LNG export facilities. The report frames the investment within a U.S. strategy to leverage its LNG dominance as a core plank of foreign policy, especially since Russia's 2022 invasion of Ukraine. The U.S. became the world's leading LNG exporter in the first half of that year, with capacity reaching roughly 11.4 billion cubic feet per day. The U.S. Energy Information Administration projects that U.S. LNG export capacity will double by 2031 compared to 2024 levels. Separately, the CEO of America's largest utility, EXELON's Calvin Butler, foresees blackouts in...

🌅Afternoon Wire·Jul 13

Operator News

Global Oil Supply Risks Mount, Bolstering Bakken Outlook

Oil prices surged Monday after former President Donald Trump announced plans to reinstate a blockade on Iranian shipping and impose fees on cargo moving through the Strait of Hormuz, according to a report from Rigzone. The critical Middle Eastern waterway is a major transit route for global seaborne oil. The development injects significant geopolitical risk into global crude supply at a time when government stockpiles are low. According to a separate Rigzone report, the U.S. Strategic Petroleum Reserve (SPR) is 56 percent empty, or 44 percent full. The depleted federal inventory limits the Biden administration's ability to release crude to dampen price spikes. Internationally, other nations are moving to bolster their reserves. South Africa plans to increase its strategic oil reserves for the first time since the apartheid government stockpiled crude, Rigzone reported. This signals a broader global trend of nations seeking supply security amid market instability. For Bakken operators...

🌅Afternoon Wire·Jul 13

Pipeline & Infrastructure

Global Oil Price Surges on Strait of Hormuz Tensions

Oil prices jumped sharply on Monday following a fresh exchange of military strikes between the United States and Iran, according to reports from Rigzone. The overnight strikes renewed immediate concerns over the safe passage of oil and other commodities through the critical Strait of Hormuz, according to Saxo Bank via Rigzone. The Strait of Hormuz is a narrow waterway through which a significant portion of the world's seaborne oil passes. Any disruption to traffic there typically causes a swift increase in global benchmark crude prices, which directly impacts the price Bakken operators receive for their crude. Higher oil prices can improve margins for Bakken producers and increase royalty payments to North Dakota mineral owners, though they also raise the cost of services and equipment. In other industry news, French energy major TotalEnergies is selling its small-scale solar assets in Europe, Rigzone reported on July 12. The company stated the sale...

🌅Afternoon Wire·Jul 13

Production Data

Bakken Rig Count Stalls at 26 Amid Surging Oil Prices

North Dakota's active drilling rig count held steady at 26 this week, a level indicative of restrained production growth in the Bakken formation, even as crude oil prices surged. According to Bakken Wire's live data, West Texas Intermediate (WTI) crude closed at $78.11 per barrel on July 13, 2026, marking a significant daily gain of $6.70 (9.38%). Brent crude similarly rose to $83.36. The current rig count represents a fraction of the historical fleet seen during previous boom periods in the Williston Basin. Industry analysts often view the rig count as a leading indicator for future oil production, as new wells are required to offset the natural decline of existing ones. The sustained low number suggests operators are maintaining capital discipline, focusing on efficiency and existing infrastructure rather than launching aggressive new drilling campaigns. The price surge provides a favorable revenue environment for Bakken producers. However, the local Bakken crude...

🌅Afternoon Wire·Jul 13

Workforce & Community

Bakken Rig Count Holds at 26 as Oil Prices Surge

The active rig count in North Dakota's Bakken formation held steady at 26 for the week, according to the latest live data from Bakken Wire. This count, a key indicator of drilling activity and future employment, remains near historic lows for the modern shale era, even as oil prices posted a significant rally. West Texas Intermediate (WTI) crude surged by $6.70 to settle at $78.11 per barrel on Monday, a gain of 9.38%. The international Brent benchmark rose a similar 9.67% to $83.36. The Bakken crude differential, the discount at which local crude trades versus WTI, was reported at -$3.42. The persistent gap between higher commodity prices and stagnant drilling activity suggests a continued period of stability, rather than growth, for Bakken workforce and community dynamics. Rig counts are a leading indicator for oilfield employment, encompassing jobs for drillers, roustabouts, truck drivers, and frac crews. A count in the mid-20s...

🌅Afternoon Wire·Jul 13