Commodities
US Energy Firms Boost Rig Count by Most Since June 2022
US energy firms added the most rigs in a week since June 2022, according to Baker Hughes. The total oil and gas rig count rose by 10 in the week to June 26, marking the largest weekly jump in four years.
The total reached 573, the highest since May 2025. Oil rigs climbed by seven to 440 this week, their highest since June 2025. Gas rigs rose by three to 125, while other miscellaneous rigs remained at eight.
Baker Hughes noted that this year's rig count is up 26, or 5%, compared to the same time last year. The increase comes as spot US West Texas Intermediate crude prices are expected to rise in 2026 due to supply disruptions from the Iran war.