Oil & Gas Industry News

North America dropped eight rigs week on week, according to Baker Hughes' latest North America rotary rig count.

The U.S. Energy Information Administration increased its Brent spot price forecast for 2026 and 2027 in its latest short term energy outlook.

The escalating war between the U.S., Israel, and Iran is creating the most severe disruption to global energy markets since the 1970s, GlobalData said.

Oil prices plunged after conflicting US signals about tanker escorts through the Strait of Hormuz rattled markets.

Saudi Aramco's chief executive officer warned the impact on global oil markets will be 'catastrophic' the longer the disruption from the Iran war drags on.

'For too long, Washington red tape has strangled American energy producers and held back small businesses', Interior Secretary Doug Burgum said.

The market is spinning after the most epic price reversal in oil history, Phil Flynn, a senior market analyst at the PRICE Futures Group, told Rigzone on Tuesday.

Trump said the U.S. and Israel were making significant progress in their war on Iran and could end the conflict 'very soon,' curtailing an oil-price surge.

Oil swung wildly Monday as fears over the Strait of Hormuz collided with signals the US-Iran conflict may soon wind down.

Iran named the son of the late Ayatollah Ali Khamenei as its new supreme leader and President Donald Trump called $100 oil a 'small price to pay'.