VanEck Oil Services ETF climbed 39% year-to-date through late February and added over 15% in the prior month as investors seek broad exposure to drilling activity without selecting single names. Positive Q4 earnings from major service providers and a sustained rise in crude prices have underpinned this performance.

WTI crude rebounded 19% from a January low of $56 to $66 per barrel, prompting producers to boost upstream capital expenditure. This spending drives demand for drilling rigs, completion services and related equipment, directly benefiting oilfield service revenues.

Schlumberger forecasts 2026 revenue between $36.9 billion and $37.7 billion if oil prices remain range-bound, while Baker Hughes holds a record $32.4 billion backlog tied to LNG and data center projects. In contrast, Halliburton expects high single-digit declines in North America revenue, making it the most rate-sensitive major within the fund.