Oil prices rose sharply as uncertainty around a fragile Middle East ceasefire kept concerns high about disruptions through the Strait of Hormuz, a key global oil chokepoint. Despite easing immediate conflict fears, shipping risks and ongoing regional tensions are maintaining a strong risk premium in crude markets.
Occidental (NYSE: OXY) today announced an oil discovery at the Bandit prospect in the Gulf of America, about 125 miles south of the Louisiana coast. The exploration well, located in Green Canyon Block 680, encountered high-quality, full-to-base oil-bearing Miocene sands.
New Gulf Resources LLC is expanding its footprint in the Eagle Ford Shale through the acquisition of air-permitted production facilities and well sites in Atascosa County, Texas from Cinco Oil & Gas. This move strengthens its position in a high-value oil region and creates opportunities to optimize existing infrastructure, improve production efficiency, and enhance emissions management.
ExxonMobil expects a ~6% drop in Q1 2026 production due to disruptions at key assets in Qatar and the UAE, highlighting the material impact of Middle East instability on its operations. While higher oil and gas prices could boost earnings by up to $2.9B, this will be offset by trading-related timing effects that may reduce profits by as much as $4.9B.
Oil prices fell sharply below $100 per barrel after the U.S. and Iran agreed to a temporary ceasefire, easing fears of supply disruptions through the Strait of Hormuz. The move also signals potential additional supply from Iran, further reducing the geopolitical risk premium that had driven prices higher.
Magnolia Oil & Gas is expanding its position in South Texas, with air permit transfers confirming it has taken operational control of assets previously held by 1776 Energy in Karnes and Gonzales Counties. These transfers tie directly to Silver Hill Energy Partners’ recent acquisition, suggesting Magnolia is emerging as a key operator in portions of the acquired Eagle Ford and Austin Chalk acreage.
Helmerich & Payne has sold Tulsa’s historic Utica Square shopping center to Northwood Investors, ending a 60-year ownership tied to the Helmerich family’s vision of a curated, community-focused retail destination. Originally transformed from a struggling property in 1964 into a premier shopping hub through careful tenant selection and hands-on stewardship, Utica Square remains a lasting legacy in Tulsa.
Oklahoma drilling activity remains steady overall, but operators are increasingly concentrating activity in the Cana Woodford and Anadarko Basin, particularly across Western Oklahoma. Rather than broad growth, the state is seeing focused, repeat drilling programs led by a small group of operators targeting its most economic core plays.
Louisiana drilling activity over the past 30 days remained steady, with 40 rigs spudding wells, driven largely by strong Haynesville development in North Louisiana. Despite weaker natural gas prices, operators like Apex and Expand Energy continue to lead activity, signaling sustained focus on core gas assets.
Oil prices surged above $110/bbl as tensions escalated over the Strait of Hormuz, with supply disruptions impacting roughly 20% of global oil trade. Markets are now focused on whether Iran will reopen the strait ahead of the U.S. deadline, with further escalation likely to drive additional volatility and higher prices.
