Saskatchewan led Western Canada’s post break-up drilling recovery, with active rig counts climbing from 10 to 44 rigs over the past month as operators returned to the field and resumed summer drilling programs. The rebound has been supported by stronger oil prices in recent weeks, improving economics for Saskatchewan’s heavy oil producers and helping drive the strongest rig count growth of any province in Canada.

Oil prices rose more than 3% after renewed military action between the U.S. and Iran, combined with escalating tensions involving Israel, increased concerns about potential disruptions to global energy supplies. Market attention remains focused on the Strait of Hormuz, where any interruption to oil and gas shipments could further tighten global energy markets and support higher crude prices.

Weatherford International has agreed to acquire NCS Multistage Holdings in a $151 million cash-and-stock transaction, expanding its well completions technology portfolio and strengthening its position in unconventional shale markets. The company expects the acquisition to generate at least $15 million in annual cost synergies within 18 months while enhancing its ability to optimize oil and gas well performance for customers.

The latest comparison between our March and May 2026 Account Reports shows a clear shift in market activity across the U.S. oil and gas sector. The data points to a more active drilling environment, with operators increasing rig activity, expanding permit inventories, and bringing new drilling programs into the market.

The closure of the Strait of Hormuz has exposed the vulnerability of global oil and gas supply chains. With Gulf exports disrupted, energy buyers across Asia and Europe are facing higher prices, tighter supplies, and renewed pressure to diversify away from one of the world’s most critical chokepoints.