Trump threatens to bomb Oman
August 17, 2026
The Baker Hughes Rig Count had oil rigs up 1 to a total of 455 and last year there were 412 oil rigs.
The key range for WTI crude oil is the $75 to $85 range, and prices are likely to congest in that range until some event pushes the market higher or lower. A sustained break above $85 would open more upside and a break below the $75 level would open more downside. A break above $85 would suggest that crude oil is catching up to the tightness in products that has led the market to higher.
As long as the US cannot degrade Iran’s ability to attack ships or protect them as they try to move crude oil then there will be no peace between the US and Iran. This fact puts an underling level of support into prices.
Israeli forces struck senior Hezbollah commander over the weekend though Trump said this morning that Israel should not be striking Gaza. President Trump also threatened to bomb Oman if it gets in the way of the US-Iran conflict.
The Houthis also reportedly struck a refinery in the Saudi Arabian town of Najran, with likely no impact to crude flows. But it does show that energy infrastructure is vulnerable and a security risk and offers underling support to prices.