TPL · 10-Q · 2026Q3 · Full report

Middle East Conflict Impact

Texas Pacific Land Corp · 2026-11-04 · Importance null · Surprise 84

In February 2026, escalating military conflict in Iran led to attacks on energy infrastructure across the broader Middle East and major disruptions to the Strait of Hormuz. Global oil prices rose above $90 per barrel during portions of 2026, while average WTI prices for the nine months ended September 30, 2026 increased approximately 27% year over year. Management said the effect on oil prices for the balance of 2026 and beyond is uncertain and depends partly on the conflict’s duration and damage to regional energy infrastructure.

Key facts

• Average WTI oil prices for the nine months ended September 30, 2026 increased approximately 27% compared with the same period last year. source
• Global oil prices rose to over $90 per barrel during portions of 2026 following the Iran conflict and disruptions to the Strait of Hormuz. source
• The effect on oil prices for the balance of 2026 and beyond is uncertain and depends in part on the duration of the Iran conflict and the extent of damage to regional energy infrastructure. source