After the Iran war began, Diamondback Energy accelerated work on drilled but uncompleted wells, lifting output about 4% year-to-date. Second-quarter oil production rose to 525,000 b/d and total production averaged nearly 1.02 million boe/d, topping 1 million boe/d for the first time in the company’s history. The company is holding to a $3.9 billion full-year capital spending plan rather than significantly ramping production. The article says that even if the Strait of Hormuz fully reopened immediately, restoring global crude inventories to prewar levels would still take 18 months, requiring net additions of 2.1 million b/d to stockpiles.

Portugal’s Galp said its adjusted net income in the first half of 2026 rose to €812 million, helped by the start-up of Brazil’s Bacalhau field that lifted oil and gas production 17% year on year. The company also benefited from a 28% year-on-year jump in average Brent crude prices to $92.30 a barrel. Upstream contributed more than 60% of EBITDA, which topped €2.2 billion. Refining earnings were supported by historically high crack spreads.