1422 ET - The number of rigs drilling for oil in the U.S. was steady this week at 445, the highest level since May of 2025 and up by 38 from the start of the U.S.-Iran conflict, according to data from Baker Hughes. If oil prices continue lower with renewed flows through the Strait of Hormuz, rig counts could reverse course, says Mark Malek, chief investment officer at Siebert Financial. "It's not surprising that we saw rig counts going up as we saw prices go up," he says. "If you see this price come down significantly I think you'll see the rig counts come back down." Rigs directed at natural gas were also steady this week at 126, Baker Hughes reports. (anthony.harrup@wsj.com)

(END) Dow Jones Newswires

July 10, 2026 14:22 ET (18:22 GMT)

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