The 24-Hour Energy Shock the World Wasn’t Ready For

Group 1: Oil Market Dynamics - The ongoing Israel-US-Iran conflict has led to a $10 per barrel increase in oil prices, with LNG prices rising by $15 per MMBtu and refined products like diesel and jet fuel experiencing significant price hikes [6][12] - The Strait of Hormuz has been effectively closed for crude oil and LNG transits on March 2-3, with numerous fully loaded ships waiting in the Persian Gulf [7][12] - ICE Brent crude has reached $84 per barrel, with potential to test $90 per barrel if pressures on Gulf producers escalate [12] Group 2: Rig Count and Production - As of February 27, 2026, the total U.S. rig count stands at 550, a decrease from 593 a year ago, with oil rigs at 407 and a net change of +1 from the previous week [3] - The Permian Basin remains the most active with 240 rigs, showing a slight increase of +1, while other basins like Haynesville and Eagle Ford maintain stable rig counts [4] Group 3: Corporate Movements - Shell is considering selling its minority stake in Australia's North West Shelf LNG project, potentially raising $24 billion, with interest from ADNOC and MidOcean Energy [9] - Equinor is looking to divest its Angolan assets, following its exits from Azerbaijan and Nigeria, focusing on quicker returns in Brazil and the U.S. deepwater [10]