Tuesday, July 14, 2026

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Oil Prices

Oil Prices Surge Past $86 on Renewed Middle East Tanker Attacks

Oil prices surged on Tuesday, with Brent crude climbing above $86 a barrel, driven by renewed attacks on tankers in the critical Strait of Hormuz and escalating Middle East tensions, according to live market data and news reports. The front-month Brent contract was trading at $86.19, up $2.89 or 3.47%. The U.S. benchmark, West Texas Intermediate (WTI), rose $1.69 to $79.83 per barrel, a gain of 2.16%. The Bakken crude differential narrowed to a $3.42 discount to WTI. The price rally was ignited by an Iranian attack on two United Arab Emirates-owned tankers in the Strait of Hormuz early Tuesday, July 14, according to a report from OilPrice.com. The UAE's Ministry of Defense stated the tankers Mombasa and Al Bahiyah were targeted by Iranian cruise missiles in Omani territorial waters, resulting in one fatality and multiple injuries. ADNOC Logistics and Services confirmed the attacks caused significant damage to the vessels....

☀️Morning Wire·Jul 14

Rig Report

North Dakota Rig Count Holds at 26, Flat Week-over-Week

North Dakota's active drilling rig count held steady at 26 on Tuesday, July 14, according to live data from Bakken Wire. There were no new rigs added, no rigs removed, and no rigs that moved locations since the prior day's report. The current count represents a slight increase of two rigs compared to one week ago, when 24 rigs were active on July 7. However, the tally is identical to the count from exactly one month ago on June 14, indicating a period of relative stability in drilling activity over the medium term. The Bakken formation is North Dakota's primary oil-producing region, and the rig count is a closely watched leading indicator for future production and operator investment. A stable count around the mid-20s suggests operators are maintaining a consistent, though historically moderate, pace of development drilling. Following the industry downturn earlier in the decade, rig activity in the state...

☀️Morning Wire·Jul 14

Daily Activity

Seven New Permits Approved; Devon Wells Released from Confidential Status

The North Dakota Department of Mineral Resources approved seven new drilling permits on Monday, July 13, 2026, according to its daily activity report. The permits were filed by Slawson Exploration Company, Formentera Operations LLC, and Phoenix Operating LLC. Slawson Exploration Company received one permit, 43109, for the STAMPEDE 4-36-25JH well in Williams County. The well is listed in a 'CONFIDENTIAL' field. Formentera Operations LLC was approved for two permits in Burke County, both also in 'CONFIDENTIAL' fields. These are the RABBIT-10-33-PGN S517HF (43110) and the GABRIEL-10-34-PGN S610HX (43111). The most active operator in Monday's report was Phoenix Operating LLC, which secured four permits for a project in Divide County. All four wells—the AKEMI FERRARI 14-11-2 1H-LL (43113), 3H (43114), 4H (43115), and 5H (43116)—are located in the SW SE and SE SE of Section 14-160N-98W within the SKABO field. This multi-well pad development signals continued activity in the northwestern reaches...

☀️Morning Wire·Jul 14

Global Markets

Global Market Shifts Pose Mixed Outlook for Bakken Crude

A series of global market developments reported Sunday are creating a complex price environment for Bakken crude oil producers. According to Rigzone, Russian refinery runs have plunged to their lowest level in more than 21 years due to a wave of Ukrainian attacks. This disruption typically reduces global supply of refined products like diesel and gasoline, which can support crude prices. Conversely, the United Arab Emirates informed OPEC that its oil production surged by 80 percent last month, according to a separate Rigzone report. A significant increase in supply from a major OPEC producer like the UAE exerts downward pressure on global crude benchmarks, including the West Texas Intermediate (WTI) price that Bakken crude is typically priced against. These opposing forces—geopolitical supply disruption versus increased OPEC+ output—create near-term uncertainty for Bakken operators. The net effect on wellhead economics in North Dakota will depend on which factor dominates the market. Operators...

☀️Morning Wire·Jul 14

Global Markets

Iran Defies U.S. Blockade; Asian Buyers Return to U.S. Crude

Iran has vowed to continue its oil exports despite a reinstated U.S. naval blockade, setting the stage for sustained volatility in global crude flows that benefits secure suppliers like the United States. Iranian Oil Minister Mohsen Paknejad said on Tuesday that the country's oil exports are continuing "without interruption" and at the same pace as before, despite the U.S. canceling a 60-day waiver of sanctions last week, according to OilPrice.com. Paknejad stated Iran has spent years building mechanisms to neutralize U.S. sanctions. The defiant stance comes amid a major re-escalation in the region, including Iranian attacks on tankers, U.S. strikes, and the U.S. reinstating a blockade on Iranian ports and oil cargoes on July 14. In the week prior to the blockade, Iran is estimated to have moved supertankers carrying 12 million barrels of crude, with analysts noting it will continue shipping crude to Chinese independent refiners via established laundering...

☀️Morning Wire·Jul 14

Operator News

Global Oil Tensions Rise as BP Signals $1B Low-Carbon Writedown

Oil prices surged after former President Donald Trump announced plans to reinstate a blockade on Iranian shipping and impose fees on cargo transiting the Strait of Hormuz, according to Rigzone. The critical chokepoint for global seaborne oil trade is facing renewed geopolitical risk, a factor that typically supports higher crude benchmarks. In a related escalation, the Iran-backed Houthi group in Yemen fired ballistic missiles and drones on Saudi Arabia, Rigzone reported separately. Attacks on major oil producer Saudi Arabia contribute to a risk premium in global oil markets. For Bakken operators, heightened geopolitical tensions can lead to increased price volatility and improved near-term revenue for oil sold at benchmark prices. However, sustained high prices could also pressure global demand and refining margins. The developments underscore the Bakken's exposure to international supply disruptions despite its inland location. In company-specific news, major operator BP said it expects to write down another $1...

☀️Morning Wire·Jul 14

Pipeline & Infrastructure

Global Tensions, SPR Status Highlight Need for Secure Supply

Oil prices surged on Monday after a reported escalation in the battle for control of the Strait of Hormuz, a critical global oil transit chokepoint. According to Saxo Bank, fresh strikes by U.S. and Iranian forces renewed concerns about the safe passage of oil through the narrow waterway, Rigzone reported. Such geopolitical disruptions underscore the value of secure domestic supply chains, including those from the Bakken formation. The instability comes as the U.S. Strategic Petroleum Reserve (SPR) remains at historically low levels. Rigzone reported the SPR is 56 percent empty, or conversely, just 44 percent full, as of July 13. The drawn-down state of the national stockpile reduces a key buffer against supply shocks, potentially increasing the market's reliance on steady production from domestic basins like the Bakken. In a parallel move highlighting global concern over supply security, South Africa plans to increase its strategic oil reserves for the first...

☀️Morning Wire·Jul 14

Production Data

North Dakota Rig Count Holds at 26 as Oil Prices Firm

North Dakota's oil drilling activity held steady this week with 26 active rigs, according to live Bakken Wire data. The count remains near multi-year lows, suggesting operators are maintaining a disciplined approach to capital spending despite a recent firming in oil prices. West Texas Intermediate (WTI) crude traded at $79.83 per barrel on Tuesday, a gain of $1.69 or 2.16% from the prior session. The international Brent benchmark saw a stronger move, rising 3.47% to $86.19. The Bakken crude differential narrowed to a discount of $3.42 per barrel versus WTI. Natural gas prices were reported at $2.87 per MMBtu. The current rig count is a critical leading indicator for future oil production in the Bakken formation. Historically, a sustained increase in the number of drilling rigs precedes a rise in output several months later, as new wells are completed and brought online. Conversely, a low and stable rig count, as...

☀️Morning Wire·Jul 14

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Jump Over 2% as Mideast Ceasefire Collapses, Straining Supply

Global oil prices rallied sharply on Tuesday, with Brent crude surging over 2.5%, as the collapse of a U.S.-Iran ceasefire reignited supply fears centered on the critical Strait of Hormuz. The price move directly benefits Bakken shale producers, who are seeing stronger realized prices for their crude. West Texas Intermediate (WTI) crude settled at $79.59 per barrel, up $1.45 or 1.86% for the session. The international benchmark, Brent crude, rose more sharply to $85.40, a gain of $2.10 or 2.52%. Bakken crude at the wellhead traded at a differential of -$3.42 versus WTI, according to midday price data. Natural gas prices saw a modest increase to $2.91. The primary catalyst for the rally is the breakdown of the tentative U.S.-Iran ceasefire, which has sparked renewed military conflict and disrupted shipping, according to a report from OilPrice.com. U.S. forces have struck Iranian targets, and Iran has responded with attacks on U.S.-linked...

🔆Midday Wire·Jul 14

Global Markets

Brent Tops $87 as Middle East, Black Sea Conflicts Fuel Supply Fears

A rapid escalation of geopolitical conflicts in the Middle East and Black Sea has sent global oil prices soaring, abruptly ending recent market talk of oversupply. The dual crises are tightening global supply fears, providing a significant boost to the price outlook for Bakken crude. On Tuesday, July 14, ICE Brent crude for September delivery surged 4.4% to trade at $87.17 per barrel, while WTI crude jumped 3.7% to $81.10, according to OilPrice.com. The rally marks a nearly 15% increase since Friday, driven by escalating violence in key shipping lanes. In the Middle East, renewed U.S.-Iran hostilities—dubbed the July 2026 Battle of Hormuz—have pushed Brent above $85. Iranian missile strikes on two UAE supertankers in the Strait of Hormuz and the closure of the vital waterway by Iran have revived fears of a global oil shortage, flipping the recent oversupply narrative. All global benchmarks are now in steep backwardation, OilPrice.com...

🔆Midday Wire·Jul 14

Global Markets

Global Tensions Spike Oil, Venezuela Seeks Revival, Vedanta Plans $5B Spend

A dramatic escalation in the Iran conflict sent oil prices and global borrowing costs sharply higher on Tuesday, according to OilPrice.com. The collapse of a fragile ceasefire led to a third night of exchanged strikes, with the U.S. reinstating a blockade in the Strait of Hormuz. This triggered Brent crude to jump more than nine percent in a single session on Monday—its biggest daily gain since May 2020. The geopolitical risk premium returned forcefully, with the UK's 10-year government bond yield climbing to a five-month high. Analysts noted UK borrowing costs are especially exposed to the war due to the country's heavy reliance on imported energy and stubborn inflation, according to OilPrice.com. The surge in oil prices and bond yields presents immediate headwinds for global economic stability. Separately, Venezuela's upstream sector is entering a new phase focused on operational execution following 2026 policy reforms, OilPrice.com reported. Rystad Energy estimates the...

🔆Midday Wire·Jul 14

Operator News

North American Rig Count Drops; Geopolitical Tensions, Policy Pressures Noted

North America's active rig count fell by 10 this week, marking its first weekly decline in months, according to Baker Hughes data reported by Rigzone. The drop in the North America rotary rig count, a key indicator of drilling activity, comes after a sustained period of growth. For Bakken operators, the overall rig count is a barometer of near-term investment and production plans. A decline can signal a response to fluctuating oil prices, cost pressures, or a strategic shift in capital allocation. The specific impact on the Williston Basin will be detailed in state-level data typically released later. Separately, geopolitical analysis suggests recent escalations have disrupted a prevailing media narrative regarding the Strait of Hormuz, a critical global oil chokepoint. Emily Ashford, Head of Energy Research at Standard Chartered Bank, told Rigzone that events over the past week have "damaged the media narrative that has built up over the past...

🔆Midday Wire·Jul 14

Pipeline & Infrastructure

Oil Surges on Geopolitical Tensions, BP Announces $1B Writedown

Oil prices surged following an announcement of renewed geopolitical tensions in a key global shipping chokepoint, according to Rigzone. On Monday, July 13, President Trump announced plans to reinstate a blockade on Iranian shipping and impose fees on cargo moving through the Strait of Hormuz, a critical passage for Middle Eastern crude exports. The price rally was further supported by reports of a major escalation in regional conflict. The Iran-backed Houthi group in Yemen fired ballistic missiles and drones on Saudi Arabia on Tuesday, July 14, Rigzone reported. Such attacks directly threaten production and export infrastructure in one of the world's top oil exporters, adding a premium to global crude benchmarks. For Bakken producers, higher global benchmark prices improve netbacks for crude shipped to coastal refineries. However, the local price differential for Bakken crude at the Clearbrook, Minnesota, hub can be volatile and may not fully capture these gains if...

🔆Midday Wire·Jul 14

Regulatory

Russian Refinery Attacks Push Runs to 21-Year Low

Russian refinery runs have plunged to their lowest level in more than 21 years following a wave of Ukrainian attacks, according to a report from Rigzone. The development, reported July 13, 2026, represents a significant disruption to global refining capacity and crude oil processing. For Bakken producers, such disruptions in a major producing region can have complex implications. A reduction in Russia's ability to process crude into gasoline, diesel, and other products can tighten global refined product markets, potentially supporting fuel prices. However, it may also result in more Russian crude oil being pushed onto the global market, as it cannot be processed domestically, which could weigh on international crude benchmarks. The Bakken formation, a leading U.S. shale oil basin, is sensitive to movements in both global crude prices and domestic refining margins. Strength in refined product cracks, driven by supply shortages, can improve profitability for U.S. refiners that process...

🔆Midday Wire·Jul 14

Production Data

Bakken Rig Count Holds at 26 as Oil Prices Rally

The number of active drilling rigs in North Dakota held steady at 26 on Tuesday, a level that suggests operators are maintaining but not aggressively increasing production despite a significant rally in oil prices. West Texas Intermediate (WTI) crude was trading at $79.59 per barrel, up $1.45 or 1.86% for the day, while the international benchmark Brent crude rose 2.52% to $85.40. The current rig count of 26 provides a key indicator of near-term drilling activity and future production. Historically, the rig count is a leading indicator for oil production in the Bakken formation, with changes in the count typically reflecting in output levels several months later. A stable count, as seen currently, generally points to a plateau or very modest changes in production volumes in the coming quarters, as operators complete wells from existing drilled but uncompleted (DUC) inventories. The price environment appears supportive for activity, with Bakken-priced crude...

🔆Midday Wire·Jul 14

Workforce & Community

Bakken Rig Count Holds at 26 as Oil Prices Rise

The number of active drilling rigs in North Dakota's Bakken formation held steady at 26 on Tuesday, a level suggesting continued but measured oilfield employment demand in the region. The stability comes as benchmark oil prices posted gains, with West Texas Intermediate crude rising 1.86% to $79.59 per barrel. Analysts often view rig counts as a leading indicator for oilfield employment, as each active rig supports a wide range of direct and indirect jobs. The current count of 26 rigs, while significantly lower than the boom-era peaks, represents a sustained level of operational activity that supports core workforce stability in western North Dakota communities. The day's price rally saw Brent crude rise 2.52% to $85.40 per barrel. The Bakken crude differential, the discount at which local crude trades versus WTI, was reported at -$3.42. Stronger oil prices generally support operator cash flow and budgets, which can influence hiring and contracting...

🔆Midday Wire·Jul 14

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Rally Sharply on Supply Concerns, Bakken Discount Widens

Oil prices surged in Tuesday trading, with both major benchmarks climbing more than 2% on supply concerns and bullish inventory data. West Texas Intermediate (WTI) crude for August delivery settled at $79.95 per barrel, a gain of $1.81 or 2.32%. The global benchmark, Brent crude, rose $2.24 to $85.54 per barrel, a 2.69% increase. The rally was fueled by heightened geopolitical tensions in the Middle East and signs of tightening U.S. inventories. According to a market report, ongoing conflicts and the potential for supply disruptions from key producing regions provided a floor under prices. Furthermore, industry data from the American Petroleum Institute indicated a larger-than-expected drawdown in U.S. crude stocks last week, signaling robust demand. Natural gas prices also saw modest gains, with the front-month contract adding $0.02 to reach $2.92 per million British thermal units (MMBtu). For Bakken producers, the price rally presents a mixed picture. While the absolute...

🌅Afternoon Wire·Jul 14

Rig Report

North Dakota Rig Count Holds at 24 Despite Two Rig Drops

The number of active drilling rigs in North Dakota remained at 24 on Tuesday, July 14, 2026, despite two rigs being released from service, according to live rig data. The count is unchanged from one week ago but is down by two rigs compared to the 26 rigs active on June 14. Two rigs were removed from the field with no new additions and no rigs moving locations. Murex Petroleum Corporation released the H & P 515 rig from a location in Williams County (157-95-29). Devon Energy Williston, L.L.C. released the Pronghorn 7 rig from a location in McKenzie County (151-102-27). The static week-over-week count for the Bakken comes as the broader North American drilling market shows signs of a pullback. According to a report from Rigzone, North America's overall rig count dropped by 10 rigs week on week, marking its first decline in months based on the latest Baker...

🌅Afternoon Wire·Jul 14

Global Markets

Global Energy Security Shocks Mount, Raising Bakken Price Outlook

A proposed 20% U.S. toll on Strait of Hormuz cargo and a new wave of attacks on Russian refineries are compounding global energy market instability, setting the stage for sustained price support crucial to Bakken producers. The dual shocks underscore the fragile state of global energy trade, a key determinant for North Dakota's oil-dependent economy. According to OilPrice.com, former President Donald Trump has proposed charging ships 20% of the commercial value of all cargo passing through the critical Strait of Hormuz. The report calculates that, with pre-conflict oil flows of 21 million barrels per day, such a toll could add approximately $294 million daily to oil shipment costs alone, or over $107 billion annually if oil is priced at $70 per barrel. This would transform a geopolitical disruption into a permanent structural cost for global energy markets. For Bakken operators, any policy that adds a significant, lasting premium to the...

🌅Afternoon Wire·Jul 14

Global Markets

Global Tensions, Energy Shifts Pose Risks and Opportunities for Bakken

Renewed military conflict in the Strait of Hormuz and a push for geothermal energy in European coal towns are shaping the global energy landscape, with implications for Bakken crude oil exports and long-term market demand. U.S. President Donald Trump has scrapped a plan to charge a 20% fee on cargo shipped through the Strait of Hormuz, according to OilPrice.com. Instead, he announced proposed trade and investment agreements with Persian Gulf states while maintaining a U.S. naval blockade on Iranian shipping. The policy shift came as U.S. forces struck targets across southern Iran on July 14, with explosions reported near the key port of Bandar Abbas. U.S. Central Command reinstated a blockade on vessels transiting to or from Iranian ports effective 4 p.m. Eastern Time on July 14. The strait handles about one-fifth of the world's energy transit during peacetime, and renewed disruption risks global price volatility that can impact the...

🌅Afternoon Wire·Jul 14

Operator News

Global Supply Fears Lift Prices; Vedanta Plans $5B Investment

Oil prices climbed to a one-month high on Tuesday as renewed Middle East fighting heightened concerns over supplies through the critical Strait of Hormuz, according to Rigzone. The price surge provides a favorable macro backdrop for Bakken producers. In other operator news, Vedanta Oil and Gas Ltd. announced a major capital investment plan, Rigzone reported. The company will invest $5 billion to expand its production by more than five times. The scale of the investment highlights continued capital discipline and growth targeting within the industry. Separately, a significant development in global refining markets underscores ongoing supply chain complexities. Africa's largest refinery, the Dangote Petroleum Refinery in Nigeria, has begun pricing all its domestic fuel sales in U.S. dollars, OilPrice.com reported. The 700,000 barrel-per-day facility made the switch after struggling to secure enough Nigerian crude through a government program designed to sell oil in the local currency, the naira. The refinery...

🌅Afternoon Wire·Jul 14

Pipeline & Infrastructure

Global Energy Headlines Highlight Geopolitical, Policy, and Financial Pressures

Recent global energy developments underscore the geopolitical, policy, and financial pressures facing the international oil and gas sector, with indirect implications for Bakken producers navigating a complex market. Escalations in the Middle East over the past week have damaged a media narrative that had been building in the region, according to Emily Ashford, Head of Energy Research at Standard Chartered Bank, in a statement to Rigzone. While the specific location was not detailed, such geopolitical tensions typically influence global crude oil benchmarks, to which Bakken crude prices are closely tied. Separately, a "powerful" cross-industry group is delivering a "strongly worded letter" to the incoming UK government, according to a statement from Offshore Energies UK (OEUK) reported by Rigzone. The letter highlights ongoing global policy engagement by energy industries, a dynamic that Bakken operators monitor as regulatory and investment climates evolve in key markets. In a significant financial disclosure, BP announced...

🌅Afternoon Wire·Jul 14

Regulatory

Global Tensions Spike as Houthis Strike Saudi Arabia, Hormuz Blockade Announced

Global oil markets are facing renewed geopolitical strain from two significant developments in the Middle East, with implications for Bakken crude pricing. On Tuesday, the Iran-backed Houthi group in Yemen fired ballistic missiles and drones on Saudi Arabia, according to a report from Rigzone. Separately, oil prices surged on 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, Rigzone reported. The Strait of Hormuz is a critical maritime chokepoint for global seaborne oil trade. These events represent a sharp escalation in regional tensions that directly influence the international crude benchmarks to which Bakken oil is linked. Price volatility driven by supply disruption risks in the Persian Gulf typically translates to wider differentials for inland crudes like those produced in the Williston Basin. For Bakken operators and royalty owners, such geopolitical premiums can provide...

🌅Afternoon Wire·Jul 14

Production Data

Bakken Rig Count Holds at 24 as Oil Prices Rally

North Dakota's active drilling rig count held steady at 24 on Tuesday, as a significant rally in crude oil prices provided a supportive backdrop for Bakken operators. According to live Bakken Wire data, West Texas Intermediate (WTI) crude settled at $79.95, a gain of $1.81 or 2.32% for the day. The current rig level represents a baseline of drilling activity in the state. Historically, the rig count is a leading indicator for future oil production, with a lag of several months between new well spuds and peak output. A stable count in the mid-20s suggests operators are maintaining, but not aggressively expanding, their development programs. The day's price action saw Brent crude rise even more sharply, gaining $2.24 to $85.54 per barrel. The Bakken crude differential—the discount at which local crude trades against the WTI benchmark—was recorded at -$3.42. This net price environment, with Bakken crude effectively near $76.53 per...

🌅Afternoon Wire·Jul 14