Anabelle Colaco
14 Jul 2026

HOUSTON, Texas: Occidental Petroleum said its average realized oil prices climbed sharply in the second quarter as the conflict in the Middle East lifted global crude prices and disrupted supplies through the Strait of Hormuz.

In a regulatory filing, the shale producer said its worldwide average realized oil price rose 38.4 percent from the previous quarter to US$96.78 per barrel, up from $69.91 per barrel.

The increase came as the U.S.-Iran war added a significant geopolitical risk premium to energy markets and disrupted shipments through the Strait of Hormuz, a key shipping route that carries about one-fifth of global oil supplies.

Benchmark Brent crude averaged $96.68 per barrel during the April-June quarter, up 23 percent from the first three months of the year.

Occidental's worldwide realized natural gas prices averaged negative 80 cents per million cubic feet, compared with positive $1.20 per mcf in the previous quarter.

Meanwhile, worldwide realized natural gas liquids prices rose nearly 30 percent to $24.64 per barrel, compared with $18.99 per barrel in the first quarter.