New York – September 16, 2026 -- Brent crude settled at $101.21 a barrel on September 9, its highest close since May 22, after a 3.4% gain as fighting between the United States and Iran escalated in the Persian Gulf, while West Texas Intermediate settled at $96.05. Roughly a fifth of the world's seaborne crude normally transits the Strait of Hormuz, and the market is now pricing the risk that it will not. Against that backdrop, four transactions worth roughly $20 billion combined have moved capital into existing pipelines, storage and producing wells rather than new drilling.
EIA and Goldman Sachs diverge on price but agree the disruption runs into 2027
The U.S. Energy Information Administration expects Brent to average $87 a barrel across 2026 and does not see Middle East oil production returning to near pre-conflict levels until early 2027. Goldman Sachs raised its December 2026 Brent and WTI forecasts by $5 to $85 and $80 respectively, lifted its 2027 numbers to $80 and $75, and flagged a scenario in which Brent clears $120 in 2027 if Gulf output stays four million barrels a day below prewar levels. U.S. gasoline hit a Labor Day record of $4.15 a gallon, and GasBuddy's Patrick De Haan said diesel was expected to touch $6 a gallon for the first time on record within days.
Enbridge agrees to buy Tallgrass Energy's crude oil business for $2.55 billion
Enbridge Inc. announced on September 9 a definitive agreement to acquire Tallgrass Energy's crude oil business for approximately $2.55 billion. The portfolio includes a 75% stake in the 1,050-mile, 460,000-barrel-a-day Pony Express Pipeline linking Rockies production to Cushing, Oklahoma, a 51% interest in the Powder River Gateway system, roughly 8.4 million barrels of terminal storage across nine crude terminals, and the Stanchion Energy marketing business. Enbridge expects the deal accretive to distributable cash flow per share in its first full year, funded partly through an equity offering alongside its August 26 acquisition of Salt Creek Midstream's crude gathering business for $600 million. The deal requires FTC clearance under Hart-Scott-Rodino and follows CEO Greg Ebel's announced retirement at year end, with Michele Harradence set to succeed him.
Williams completes $5.5 billion Momentum Midstream deal in the Haynesville
The Williams Companies completed its $5.5 billion acquisition of Momentum Midstream, adding a gathering platform with approximately 6 billion cubic feet a day of capacity in the Haynesville shale, positioned within pipeline reach of the Gulf Coast LNG export corridor.
Diversified Energy strikes its largest-ever deal for Permian assets at $1.8 billion
Diversified Energy Company announced on September 2 definitive agreements to acquire Birch Permian Holdings from affiliates of Elliott Investment Management for approximately $1.8 billion, the largest acquisition in the company's 25-year history. Birch produces an estimated 68,000 barrels of oil equivalent per day across roughly 46,000 net mineral acres and 480 net wells, with about 96% operated and roughly three-quarters of wells drilled before 2023. Diversified expects production to rise approximately 35% and adjusted EBITDA approximately 55%, while its Carlyle partnership expands from a $2 billion framework to pursue up to $10 billion of proved developed producing acquisitions. The deal is expected to close in the fourth quarter of 2026 and carries a $50 million break fee.
Tamarack Valley and Headwater merge in $10 billion all-stock Clearwater tie-up
Tamarack Valley Energy and Headwater Exploration announced on September 8 an all-stock merger valued at $10 billion, creating what the companies call the only publicly traded pure-play Clearwater producer. Headwater shareholders receive one Tamarack share per share held, with Tamarack issuing 237.8 million shares; on closing, Tamarack shareholders will own 66.5% and Headwater shareholders 33.5% of the combined entity. Tamarack plans its second 2026 dividend increase, raising the quarterly payout 20% from $0.05 to $0.06 per share starting December 2026, contingent on closing. Exploration upside is carved out into a new entity, Tributary Exploration, led by current Headwater management.
Regulatory approvals on all four deals remain outstanding into late 2026
None of the four transactions closes new production; two involve pipelines and gathering systems, one involves wells largely drilled before 2023, and one merges producers into a single dividend-paying entity with exploration carved out separately. Each deal remains subject to regulatory approval on timelines extending into late 2026 and beyond, against a price curve that has moved sharply in three weeks.