World Business Report Oil prices continue to surge
Mar 17, 2026
Osama Rizvi, Global Market and Product Strategist at Primary Vision, explains US shale production dynamics in plain terms. He discusses frack spread counts, why rigs are not racing back despite price spikes, and how volatility shapes drilling decisions. The conversation also touches on geopolitical chokepoints and the ripple effects on global energy markets.
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Oil Near $100 Driven By Strait Of Hormuz Closure
- Brent oil is trading around $100 a barrel and is up about 40% since the conflict began.
- Fiona Sincotta says the Strait of Hormuz remains effectively closed, driving a 60% gain in energy across the month so far.
Regional Markets Diverge On Energy Shock
- US stocks have recovered modestly while European markets remain more exposed and are about 6% lower since the conflict started.
- Fiona Sincotta highlights regional vulnerability to imported energy costs as the key differentiator.
US Shale Output Rises Through Efficiency Not More Rigs
- US shale hasn't boosted rig counts despite higher prices because operators are prioritising efficiency and frack utilisation has jumped from 0.70 to 1.30.
- Osama Rizvi says production hits new highs mainly from better frack job efficiency, not more rigs.