U.S. energy firms this week added rigs for a seventh week in a row for the first time since May 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and natural gas rig count, an early indicator of future output, rose by one to 563 in the week to June 5, its highest since May 2025. With this week's rig increase, Baker Hughes said the total count was up four rigs, or 1% above this time last year. Baker Hughes said oil rigs rose by two to 431 this [Read more]

Companies that borrowed oil from the U.S. Strategic Petroleum Reserve in recent months will add an extra 40 million barrels of crude in the form of premiums after the conflict in Iran is over, U.S. Energy Secretary Chris Wright said on Friday in an interview on Fox Business. Fuel prices have spiked since the U.S.-Israeli war on Iran began in February, but Wright said he is not worried about stock levels in the SPR, which are at low levels. "I'm not concerned, because we're not selling any [Read more]

Here are the main issues between the United States and Iran as they seek a deal to end their war, which is now in its fourth month: HORMUZ AND GULF BLOCKADE Iran's closure of the Strait of Hormuz, normally the conduit for around a fifth of global oil and liquefied natural gas shipments, has caused an unprecedented oil supply shock, driving up fuel, food and fertiliser prices. Reopening the strait is Washington's top priority and Tehran's main point of leverage, but it could take [Read more]

The Trump administration on Friday will hold a sale of oil and gas leases on 689,000 acres (278,828 hectares) in Alaska's Arctic National Wildlife Refuge, a remote and pristine habitat for species including polar bear, caribou and migratory birds. The auction is the latest test of industry appetite for drilling in northern Alaska, a high risk endeavor involving decades of work and billions of dollars of investment. The U.S. Bureau of Land Management, an arm of the Department of the [Read more]

Oil prices were little changed on Friday following sharp declines in the previous session, with prospects dimming for a near-term end to the U.S.-Israeli war with Iran after the Hezbollah militia rejected a new ceasefire in Lebanon. Brent crude futures fell 21 cents, or 0.22%, to $95.24 a barrel by 0003 GMT after settling down 2.84% in the previous session. U.S. West Texas Intermediate crude was at $92.94 a barrel, down 10 cents, or 0.11%, following a 3.1% loss on Thursday. Both [Read more]

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Thursday. WCS for July delivery in Hardisty, Alberta, settled at $12.10 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $12.40 a barrel on Wednesday. * The WCS differential has been volatile with WTI's swings since the start of the Iran conflict. * But the underlying demand for WCS barrels has remained strong, said RBN Energy [Read more]

Iranian exports of crude oil and condensate fell to their lowest level in at least six years in May, falling well below 300,000 barrels per day, mainly due to the U.S. naval blockade, according to shipping data and analysts. The U.S. began enforcing the blockade on April 13, choking Iranian exports as the oil market faces a supply crunch due to Iran's effective closure of the Strait of Hormuz cutting exports from Saudi Arabia, Kuwait, Iraq and the United Arab Emirates. Iran's exports averaged [Read more]

Electricity demand in Texas grew 9% in recent months, nearly five times the U.S. average, driven by the expansion of data centers and cryptominers in the Lone Star State, according to data released by Hitachi Energy on Thursday. * The Texas power grid saw the largest jump in both power demand and the addition of new power supplies of any of the country's grids in the six months ended in March 2026, the Hitachi Energy Grid Pulse report said. * "Load growth over the last six months has been [Read more]