06/08/2026
🔥 The Middle East Just Got Hot Again.
Iran launched missiles at Israel overnight.
Israel responded by striking an Iranian petrochemical plant this morning...the first direct energy strike on Iranian soil since the April ceasefire was brokered.
That ceasefire is done.
**WHAT IT DID TO PRICES**
Brent crude spiked 4.4% to $97.15 a barrel. WTI punched above $94 intraday before pulling back. Prices eased after Iran declared its military operations complete...but analysts are already calling crude "hugely underpriced" given how little risk premium the market is pricing in right now.
**WHAT'S KEEPING THE LID ON**
The Strait of Hormuz stays open. U.S. Navy has overwatch sitting on it. Without that presence, analysts say we're looking at $120+ crude. One chokepoint. That's the only number standing between a price spike and a full supply crisis.
**WHERE THE RIG COUNT SITS — BAKER HUGHES (LATE MAY 2026)**
Total U.S. Active Rigs: 563
Oil Rigs: 431
Gas Rigs: 124
**BY BASIN:**
• Permian Basin (TX/NM) — ~242 rigs — nearly half of all U.S. oil rigs
• Williston/Bakken (ND/MT) — 28 rigs
• Eagle Ford (South TX) — 43 rigs
• Anadarko (OK/KS) — 44 rigs
• Haynesville (TX/LA) — 58 rigs — gas-focused, climbing
• Marcellus (PA/WV) — 25 rigs
• DJ-Niobrara (CO/WY) — 9 rigs
• Utica (OH) — 12 rigs
U.S. production holding at 13.7 million barrels per day. Still 299,000 bpd above this time last year.
**THE NUMBER NOBODY'S TALKING ABOUT**
The Permian is running nearly 250 rigs...and still down from where it was a year ago. Operators aren't expanding. They're drilling longer laterals — some pushing 3 miles — pulling more oil from fewer holes. One rig today does what two did five years ago.
And Permian gas prices have gone negative $9 per mcf. More gas than the pipelines can handle. Operators are drilling for oil and essentially giving the gas away.
Every missile that flies near the Strait of Hormuz is a price floor under every basin on this list.
What are you seeing out in the field today? Drop it below. 👇