US Oil Rig Count Falls Even as Crude Prices Climb on Renewed Us-iran Fighting

Dow Jones03:03

The number of active oil drilling wells in the United States fell this week, according to data Friday from oilfield services firm Baker Hughes.

There are now 450 active oil wells in the country, down two from the previous week. The number, however, is 35 more than were in operation at this time last year, the Baker Hughes data show.

It has now been three weeks since the last increase in the U.S. oil rig count, even as renewed fighting between the United States and Iran has sent U.S. crude prices above the $86/bbl that producers say is necessary for them to profitably drill new wells. The price of U.S. benchmark West Texas Intermediate crude has risen about $18 in the last two weeks, ending Friday's trading session at $89.31/bbl.

The U.S. gas rig count rose by one during the week to 127, with the count now five higher than a year ago, according to Baker Hughes.

The Canadian oil rig count rose by two last week to 138. That's 10 rigs higher than were in operation last year. The increase broke a two-week streak of declines.

The gas rig count increased by three to 62. That is eight higher than a year ago.

Rig counts are considered a leading indicator of future production. U.S. crude production remains at near record levels, averaging 13.832 million b/d over the last four weeks.

However, U.S. crude inventories remain under pressure from strong export demand and the Trump administration's current program to release barrels from the

Strategic Petroleum Reserve to offset supply disruptions due to the Iran war.

Inventories in the reserve are now at 311.4 million bbl, the lowest levels since 1983.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

Reporting by Steve Cronin, scronin@opisnet.com; Editing by Donna Harris, dharris@opisnet.com

(END) Dow Jones Newswires

July 24, 2026 15:03 ET (19:03 GMT)

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US Oil Rig Count Falls Even as Crude Prices Climb on Renewed Us-iran Fighting

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