UK Budget Signals Wave of New North Sea Oil and Gas Drilling
Published . Updated .
The UK’s latest Budget forecasts incorporate future North Sea oil and gas production, including the unapproved Rosebank field, raising questions about the government’s drilling policy.
Directly affected
- No company is named in this report.
Indirectly affected
- USO United States Oil Fund+7.3% 30d
United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story.
- XLE Energy Select Sector SPDR+6.2% 30d
Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story.
- UNG United States Natural Gas Fund-7.8% 30d
United States Natural Gas Fund: it follows natural-gas prices. Linked by “gas” (natural gas) in this story.
- OIH VanEck Oil Services ETF+2.0% 30d
VanEck Oil Services ETF: it holds drilling and oilfield-service firms. Linked by “drilling” (oilfield services) in this story.
- EWU iShares MSCI United Kingdom ETF-2.3% 30d
iShares MSCI United Kingdom ETF holds stocks listed in the UK, which this story is about (“uk”).
- XOM ExxonMobil Holdings+10.3% 14d
ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- BP BP p.l.c+5.1% 17d
BP p.l.c (petroleum refining, with business in the UK): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- CVX Chevron+8.4% 30d
Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| USO | -2.52% | -0.26% | base | +0.44% | after close | after close | after close |
| XLE | -1.29% | +1.72% | base | -0.04% | after close | after close | after close |
| UNGNo price data for this ticker | — | — | — | — | — | — | — |
| OIH | -7.82% | -1.54% | base | -0.49% | after close | after close | after close |
| EWUNo price data for this ticker | — | — | — | — | — | — | — |
| XOM | -2.14% | +1.35% | base | +0.22% | after close | after close | after close |
| BPNo price data for this ticker | — | — | — | — | — | — | — |
| CVX | -1.18% | +1.19% | base | +0.77% | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
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UK Budget Signals Wave of New North Sea Oil and Gas Drilling Crude Oil Prices Today | OilPrice.com
The price since 29 Oct 2026: United States Oil Fund (USO) versus the S&P 500
| Company | When | Move | Status |
|---|---|---|---|
| Chevron (CVX) | that day | +0.77% | still updating |
| Chevron (CVX) | three days earlier | +1.19% | final price |
| Chevron (CVX) | five days earlier | -1.18% | final price |
| Vaneck Vectors Etf (OIH) | that day | -0.49% | still updating |
| Vaneck Vectors Etf (OIH) | three days earlier | -1.54% | final price |
| Vaneck Vectors Etf (OIH) | five days earlier | -7.82% | final price |
| United States Oil Fund (USO) | that day | +0.44% | still updating |
| United States Oil Fund (USO) | three days earlier | -0.26% | final price |
| United States Oil Fund (USO) | five days earlier | -2.52% | final price |
| Select Sector Spdr Tr (XLE) | that day | -0.04% | still updating |
| Select Sector Spdr Tr (XLE) | three days earlier | +1.72% | final price |
| Select Sector Spdr Tr (XLE) | five days earlier | -1.29% | final price |
| ExxonMobil Holdings (XOM) | that day | +0.22% | still updating |
| ExxonMobil Holdings (XOM) | three days earlier | +1.35% | final price |
| ExxonMobil Holdings (XOM) | five days earlier | -2.14% | final price |
Trades by members of Congress and officials in the stocks in this story
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 59 days before publication. Filed 25 Sep 2026. View the filing.
- Donald J Trump, an executive branch official, bought ExxonMobil Holdings (XOM), worth $250,001 - $500,000 on 31 Jul 2026. That is 90 days before publication. Filed 22 Sep 2026. View the filing.
- Rep. Kevin Hern sold Chevron (CVX) (jointly held), worth $15,001 - $50,000 on 23 Sep 2026. That is 36 days before publication. Filed 13 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar bought Chevron (CVX), worth $1,001 - $15,000 on 2 Sep 2026. That is 57 days before publication. Filed 7 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Chevron (CVX), worth $15,001 - $50,000 on 26 Aug 2026. That is 64 days before publication. Filed 8 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around United States Oil Fund (USO)
Companies tied to this story
- USO United States Oil Fund
United States Oil Fund (USO) is linked, with no stored direction, medium confidence in the 29 Oct 2026 story “UK Budget Signals Wave of New North Sea Oil and Gas Drilling.” Reason on file: United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story
- XLE Select Sector Spdr Tr
Select Sector Spdr Tr (XLE) is linked, with no stored direction, medium confidence in the 29 Oct 2026 story “UK Budget Signals Wave of New North Sea Oil and Gas Drilling.” Reason on file: Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story
- UNG United States Natural Gas Fund
For “UK Budget Signals Wave of New North Sea Oil and Gas Drilling,” United States Natural Gas Fund (UNG) is linked, with no stored direction, medium confidence. Reason on file: United States Natural Gas Fund: it follows natural-gas prices. Linked by “gas” (natural gas) in this story
- OIH Vaneck Vectors Etf
Vaneck Vectors Etf (OIH) is linked, with no stored direction, medium confidence in the 29 Oct 2026 story “UK Budget Signals Wave of New North Sea Oil and Gas Drilling.” Reason on file: VanEck Oil Services ETF: it holds drilling and oilfield-service firms. Linked by “drilling” (oilfield services) in this story
- EWU Ishares Tr
Ishares Tr (EWU) is linked, with no stored direction, medium confidence in the 29 Oct 2026 story “UK Budget Signals Wave of New North Sea Oil and Gas Drilling.” Reason on file: iShares MSCI United Kingdom ETF holds stocks listed in the UK, which this story is about (“uk”)
- XOM ExxonMobil Holdings
In “UK Budget Signals Wave of New North Sea Oil and Gas Drilling,” ExxonMobil Holdings (XOM) is linked, with no stored direction, medium confidence. Reason on file: ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story
- BP Bp
Bp (BP) is linked, with no stored direction, medium confidence in the 29 Oct 2026 story “UK Budget Signals Wave of New North Sea Oil and Gas Drilling.” Reason on file: BP p.l.c (petroleum refining, with business in the UK): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story
- CVX Chevron
In “UK Budget Signals Wave of New North Sea Oil and Gas Drilling,” Chevron (CVX) is linked, with no stored direction, medium confidence. Reason on file: Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story
United States Oil Fund (USO) and the energy link
United States Oil Fund (USO) is the company in “UK Budget Signals Wave of New North Sea Oil and Gas Drilling,” the 29 Oct 2026 Energy story.
United States Oil Fund (USO) is on the page because United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story
Select Sector Spdr Tr (XLE) is here too. Its reason reads: Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story
Dates in the story, and the United States Oil Fund (USO) price range
UNG traded between 9.31 and 11.43 across 20 sessions. The latest close on file is 9.51. USO traded between 141.82 and 169.96 across 20 sessions. The latest close on file is 166.69. XLE traded between 61.05 and 69.86 across 20 sessions. The latest close on file is 68.46.
How strong the case is around United States Oil Fund (USO)
46 out of 100Price not final
“UK Budget Signals Wave of New North Sea Oil and Gas Drilling” scores 46 out of 100. The score uses 1 sources, and 8 linked companies. The price is not final yet.