The Hormuz Reckoning: What the Iran Oil Shock Means for U.S. Upstream
Brent at $109, WTI above $111, Hormuz partially blocked. The biggest oil shock since 2022 — and what it means for every U.S. upstream operator right now.
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The Hormuz Test: What One Empty LNG Tanker Tells Us About Global Energy Risk
April 3, 2026 — Houston
The Strait of Hormuz has become the most consequential 33 kilometers in global energy markets. For the first time since the U.S. and Israeli strikes on Iran began on February 28, an LNG tanker has attempted transit of the waterway — and the market is watching
CIR Morning Brief — Friday, April 3, 2026
WTI crude oil roared past the $104 mark this week, closing Thursday's spot session at $104.69 per barrel according to the U.S. Energy Information Administration — a sharp $3.43 gain from Monday's $101.26 close, and a cumulative rally of more than $8 per
CIR Afternoon Update — April 2, 2026
WTI crude extended this morning's historic surge through the afternoon session, trading at $111.50/bbl as of 4:00 PM CT — up $11.42 on the day (+11.41%) and well past the morning spike to $107.63. Brent followed to $109.20 (+7.99%). WTI Midland,
WTI's $35 Curve Gap: What the Hormuz Backwardation Is Really Telling Upstream Operators
The forward curve shows a $35 gap between May and December WTI — a stark signal that markets are pricing Hormuz disruption now but betting on year-end resolution. For U.S. upstream operators, the calculus is more complicated.
CIR Morning Brief — Thursday, April 2
Good morning. Thursday, April 2nd, 2026 — here's what you need to know before the market opens.
💹 Overnight Price Action
Crude surged sharply overnight, with WTI (May 2026 front month) jumping $8.72 to $107.63/bbl (+8.82%) and Brent Crude rising $8.62 to $108.84/bbl
CIR Basin Scorecard: Q1 2026 Update
Each quarter, CIR publishes a clean basin-by-basin reference update using Baker Hughes rig count data and EIA production figures. This is the Q1 2026 edition. Use it as a snapshot and a baseline for tracking Q2 2026 changes.
🛢️ Permian Basin — 241 Rigs
Production context: Texas output at 5,