Baker Hughes Co. CEO Lorenzo Simonelli said the company expects a rebound in upstream investment in the second half of 2026 and into 2027, driven by energy security concerns and high crude prices. The backdrop is a global push for energy security amid disruptions from the Iran war, with domestic crude benchmark prices hovering above $90 a barrel. Halliburton Co. has also noted early signs of a resurgence in activity, reporting that demand is picking up from oil firms in North America. Shares of Baker Hughes rose as much as 6% to $68.36, the highest level since 2016, after the company reported first‑quarter earnings that beat analyst estimates. The gains were supported by strong performance from its segment that manufactures natural gas turbines used in liquefied natural gas production and data centers. Simonelli said, "Think of Latin America, also North America, Southeast Asia, Africa — the diversity of supply is there." He added, "Also, with a resolution of the conflict, we see the Middle East starting to come back. The demand is out there." Halliburton said, "We see demand picking up from oil firms in North America in early signs of a resurgence in activity."