TPL · 10-Q · 2026Q2 · Full report

Middle East Conflict Impact

Texas Pacific Land Corp · 2026-08-05 · Importance 80 · Surprise 84

Average WTI prices increased 24% during the six months ended June 30, 2026, while escalating military conflict in Iran disrupted energy infrastructure and the Strait of Hormuz. Global oil prices exceeded $90 per barrel from March through early June and remained volatile in July. The effect on oil prices for the balance of 2026 and beyond is uncertain and depends on the conflict’s duration, infrastructure damage, and any prolonged Strait of Hormuz closure. Waha Hub natural gas prices averaged negative $2.03 per mmbtu during the first six months of 2026 versus positive $1.49 in the prior-year period, partly reflecting Permian production growth and limited pipeline takeaway capacity.