U.S. Has Fewest Active Oil Rigs Since the Ukraine War’s First Days

U.S. drillers had 520 rigs up and running this week, according to oil-field services firm Baker Hughes, down from 525 a week earlier. It is the lowest total since March 4, 2022, when the Kremlin’s invasion was sending crude prices skyrocketing.

Benchmark U.S. crude has dipped lower in recent days as a broader rally across markets has stalled, ending a seven-week crude rally that pushed prices to 2023 highs. Front-month West Texas Intermediate futures recently traded around $81 a barrel.