Commodities
US Oil Rig Count Holds Steady as Iran Tempers Hopes of Swift Hormuz Reopening
The US oil and gas rig count remained unchanged in the latest week, according to Baker Hughes' closely followed report. The total count stood at 588 as of August 7, still up 49 rigs or 9% from this time last year.
Oil rigs rose by three to 454, their highest level since May 2025, while gas rigs fell by three to 124, their lowest level since June 2026. Other miscellaneous rigs held at 10.
In the Permian, the nation's biggest oil-producing shale basin in West Texas and eastern New Mexico, the rig count rose by three to 263, the most since July 2025. In Pennsylvania, the rig count fell by one to 16, the lowest since April 2025. In Texas, the state with the most rigs, the rig count rose by two to 275, the most since April 2025.