Key facts
- Oil prices steadied on Friday.
- Oil prices are on track for a 4% weekly gain.
- The U.S. threatened an indefinite naval blockade of Iran.
- Ceasefire talks remain stalled.
- Tanker traffic through the Strait of Hormuz has decreased significantly.
- U.S. oil and gas drilling contractors anticipate higher oil prices.
- U.S. OCTG producers anticipate increased drilling activity in the second half of 2026.
- Rig counts and prices are on the rise.
Oil prices steadied on Friday, positioning themselves for a notable 4% gain over the week, driven by the United States' threat of an indefinite naval blockade of Iran. This geopolitical development has revived concerns about potential disruptions to crude oil supplies originating from the Middle East. The threat of a blockade coincides with ongoing stalled ceasefire talks and continued limitations on maritime traffic through the vital Strait of Hormuz. Reports indicate a significant decrease in tanker traffic through this crucial waterway, amplifying the market's sensitivity to supply-side risks.