ING
May 18, 2026
Oil Rallies with US-Iran Deadlock
Daily UpdateCommoditiesMacro Economic IndicatorsEnergy
Oil prices have rallied above $110/bbl as US-Iran tensions intensify and a Russian oil waiver expires. US drilling activity is slowly responding to higher prices, while European gas markets face tightening supply and storage.
Key Takeaways
- 1.Oil prices have surged above $110/bbl due to escalating US-Iran tensions and a drone strike on a UAE nuclear plant.
- 2.The US has allowed a waiver for Russian oil sales to expire, further tightening a market already facing supply disruptions.
- 3.US drilling activity is showing signs of recovery with the oil rig count reaching its highest level since late 2025.
Table of Contents
- Energy - US drilling activity picks up
- Author
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Authors
Warren PattersonEwa Manthey
Securities
Brent CrudeICE BrentTTF Gas
Themes
Geopolitical Supply DisruptionsUS Energy Sector RecoveryEnergy Sanctions and Waivers
Regions
Middle EastEuropeAsia PacificUnited StatesIranIraq