US oil drilling has expanded for six straight weeks, the longest uptrend in almost four years, after the Iran war pushed crude prices higher.
The number of rigs drilling across US oil fields rose by two this week to 431, according to data released by Baker Hughes Co. on Friday. The last such streak for domestic exploration was in mid-2022, when energy demand began to recover from pandemic-era lockdowns.
The trend suggests shale drillers are responding to sustained gains in oil prices as overseas refiners snap up US cargoes to replace oil supplies disrupted by the conflict that’s nearing the 100-day mark.
Benchmark US crude futures have surged 35% since the war erupted in late February, averaging almost $98 a barrel during the past six-week period.