Core Insights - Rising tensions between the U.S. and Iran, along with new U.S. maritime guidance, are contributing to an increase in oil prices as traders reassess geopolitical risks [1][9] Oil Market Overview - Current oil prices are as follows: WTI at $64.36, Brent at $69.22, and Murban at $69.55, with slight increases of 0.00%, 0.26%, and 0.23% respectively [2] - Natural gas is priced at $3.166, reflecting an increase of 0.89% [2] Rig Count and Production - The total rig count stands at 551, with 412 oil rigs and 130 gas rigs, showing a net increase of 5 rigs from the previous week [3] Company-Specific Developments - Shell's proven reserves have decreased to 8.1 billion barrels of oil equivalent, which is less than 8 years of current production, raising concerns about its future production capabilities [4] - Shell is projected to face a production gap of 200,000 barrels of oil equivalent per day by 2030, despite its commitment to grow hydrocarbon output by 1% annually [5] - BP has suspended its buyback program after incurring a $4 billion impairment on renewable and biogas assets, resulting in a 6% drop in its share price [8] Mergers and Acquisitions - Transocean has agreed to acquire Valaris in an all-stock deal valued at approximately $5.8 billion, creating a combined entity worth $17 billion with a fleet of 73 rigs [7] Exploration and New Projects - ExxonMobil is in discussions with the Ivory Coast government to explore three new license blocks after Tullow Oil relinquished its acreage [8] - ENI has commenced its first liquefied natural gas cargo from the Nguya FLNG facility in the Republic of Congo, marking the start of the Phase Two expansion of the Congo LNG project [7]

Core Viewpoint - Oil markets are experiencing volatility due to geopolitical uncertainties driven by U.S. President Trump's comments on Iran and mixed signals regarding India's stance on Russian crude imports [1][5][10] Oil and Natural Gas Prices - As of February 3, 2026, WTI is priced at $62.67 per barrel, Brent at $66.70, Murban at $67.57, and Natural Gas at $3.330 per MMBtu [2] U.S. Rig Count - The total U.S. rig count as of January 30, 2026, is 546, down from 582 a year ago, with a gas rig count of 411 and a net change of +2 from the previous week [3] Rigs per Basin - The Permian basin has 242 rigs, with a net decrease of 2, while the Haynesville and Cana Woodford basins saw increases of 1 and 5 rigs, respectively [4] Market Dynamics - January 2026 oil prices were consistent with the previous year's levels, with ICE Brent averaging $64.7 per barrel and closing at $70.7, despite predictions of oversupply [5] - Open interest in ICE Brent futures reached a record high of 2.65 million contracts on January 26, 2026, although it has since decreased by over 200,000 contracts [6] Company Movements - Equinor has agreed to sell its onshore business in Argentina's Vaca Muerta for $1.1 billion, while Shell's Nigerian subsidiary will suspend production at the Bonga field for maintenance [7] - Excelerate Energy is set to develop a 1.5 mtpa LNG import terminal in India, marking a significant step in the country's LNG infrastructure [8] Geopolitical Influences - Trump's comments regarding Iran and the U.S.-India trade deal are creating uncertainty in the oil markets, particularly concerning Russian oil exports [9] - OPEC+ has decided to maintain production quotas in March 2026, citing lower global oil demand in the first quarter [10]