U.S. Rig Count Climbs as WTI Holds Above $100

Baker Hughes data released Friday showed the total U.S. rig count rising to 591, up 52 year-over-year, with active oil rigs climbing by one to 450 — 34 higher than the same week last year. The uptick arrives precisely as WTI trades above the $100 threshold, a level that historically incentivizes incremental drilling activity.

Gas rigs also rose by two to 132, suggesting broader upstream activity is picking up alongside crude's rally. Yet the scale of the rig additions remains modest relative to the geopolitical supply risks currently driving price — Saudi pipeline attacks and a prolonged Iran conflict dwarf what U.S. shale can offset in the near term.

For WTI traders, the rig count signals that domestic supply response is underway but unlikely to meaningfully cap prices while Middle East disruptions dominate the risk narrative.