Key facts
- US oil and gas drilling contractors anticipate higher oil prices.
- US OCTG producers anticipate higher oil prices.
- US oil and gas drilling contractors anticipate increased drilling activity in the second half of 2026.
- US OCTG producers anticipate increased drilling activity in the second half of 2026.
- The US-Iran war is cited as a driver for these expectations.
- Rig counts are on the rise.
- Oil prices are on the rise.
- Oil prices declined on Thursday.
- Forecasts of weaker global demand influenced oil prices.
- Rising U.S. crude inventories influenced oil prices.
- Supply disruptions offered some support to oil prices.
- Geopolitical tensions in the Strait of Hormuz offered some support to oil prices.
US oil and gas drilling contractors and OCTG producers are anticipating higher oil prices and increased drilling activity in the second half of 2026. This optimistic outlook is attributed to the ongoing US-Iran war, which has spurred a significant reversal from earlier projections for the year. Rig counts and prices are now reported to be on the rise.