US-Iran Hostility Pause Sends Crude Oil Prices Plummeting

Crude oil prices plummeted after the US and Iran paused hostilities. The New York market quotes dropped nearly three dollars a barrel on Friday, trading at $81.31 per barrel for the September contract. On Monday, prices continued to drop, posting an additional six percent decline, with WTI dipping under $84 a barrel.

The Kansas Rig Count remained unchanged at seven rigs east of Wichita but increased by two rigs in the western half of the state. This brought the total rig count to 11 rigs in Western Kansas, up 12% from last week and six percent from a month ago.

The Rotary Rig Count from Baker Hughes reported an increase of one gas rig but a decrease of two oil rigs, resulting in a total of 587 active rigs. The national report showed an increase of 45 rigs from the same period last year but a decrease of one rig from last week.