09 Mar Oil Prices, WTI Crude $103.10/bbl, Brent $106.70/bb, Bonny Light $90.82/bbl, OPEC $96.40/bb, Natural gas @ $3.34/MMBtu
(Oilandgaspress) Oil prices have soared while share markets have skidded on fears that the escalating U.S.-Israeli war on Iran will squeeze energy supplies and hamstring industries around the world. Following are actions that governments are taking or plan to take to reduce the impact of the war on their economies. Related News
Oil futures contracts showed an even larger increase than the Brent crude spike overnight. Some briefly reached as high as $118 per barrel. The figure for May delivery now stands at $109, but remains volatile..Read More
The price of a barrel of oil has rocketed over $100 for the first time in years, with supplies threatened by attacks on infrastructure of major producers in the region. Iran has also managed to effectively shut the Strait of Hormuz, through which around a fifth of the world’s oil travels. Analysts say there is a real risk the oil price will reach $150 a barrel Related News
Oil Prices Soar as Iran Conflict Threatens Middle East Supply. Bahrain’s state-owned Bapco Energies has declared force majeure on its group operations after an attack on its refinery complex, the company said on Monday. Prices retreated after the Financial Times reported that G7 officials and International Energy Agency chief Fatih Birol will hold an emergency call Monday morning in New York to discuss a potential joint release from strategic petroleum reserves aimed at calming markets. South Korean President Lee Jae Myung has called for a domestic fuel price cap for the first time in nearly three decades as escalating conflict in the Middle East pushes global oil prices higher. Read More
Iran has named Mojtaba Khamenei as the country’s new Supreme Leader following the k!lling of his father, Ali Khamenei. This was announced on Sunday, March 8, by the Assembly of Experts, the clerical body responsible under Iran’s constitution for selecting the country’s supreme leader.
In a statement circulated by state media, the Assembly said Mojtaba Khamenei was chosen after what it described as a “decisive vote.” It called on citizens to remain united and support the new leader.
The statement urged Iranians, “especially the elites and intellectuals of the seminaries and universities,” to pledge allegiance to the leadership and help preserve national unity.
Baker Hughes Rig Count: International +33 to 1,112, U.S.U.S. +1 to 551 Canada -9 to 205
U.S. Rig Count is up 1 from last week to 551 with oil rigs up 4 to 411, gas rigs down 2 to 132 and miscellaneous rigs down 1 to 8
Canada Rig Count is down 9 from last week to 205 with oil rigs down 6 to 139, gas rigs down 4 to 65 and miscellaneous up 1 to 1.
International Rig Count is up 33 from last month to 1,112 with land rigs up 25 to 873, offshore up 8 to 239.
International Rig Count is up 15 rigs from last year’s count of 1,097, with land rigs up 22 offshore rigs down 7.
| Region | Period | Rig Count | Change |
| U.S.A | 06 February 2026 | 551 | +1 |
| Canada | 06 February 2026 | 205 | -9 |
| International | February 2026 | 1,112 | +33 |
| Baker Hughes |
The Baker Hughes International rig count is a monthly census of “active” drilling rigs exploring for or developing oil or natural gas outside North America (US & Canada). The Baker Hughes rig count defines active rigs as rigs that are actively conducting
drilling operations on a given well For a rig to be active the below conditions must be met: • The rig must be drilling (turning to the right) • Drilling needs to have occurred for a majority of the week (4 days out of 7) • The active rig must be working on a well which is a significant consumer of
oilfield products and services
| Region | Period | Rig Count | Change |
| Africa, Land/Offshore | February 2026 | 103 | +3 |
| Middle East, Land/Offshore | February 2026 | 538 | +20 |
| Asia-Pacific, Land/Offshore | February 2026 | 207 | +1 |
| Latin America, Land/Offshore | February 2026 | 138 | +2 |
| Europe Land/Offshore | February 2026 | 126 | +7 |
Baker Hughes |
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