US oil drilling has expanded for six consecutive weeks, the longest increase in nearly four years, after crude prices surged following the Iran war.
The number of drilling rigs in US oil fields rose by two this week to 431, according to data released by Baker Hughes Co on June 5. The last such streak for domestic exploration was in mid-2022, when energy demand was beginning to recover from pandemic-era lockdowns.
The trend shows shale drillers are responding to a sustained rise in oil prices as foreign refiners near the 100-day mark as the conflict nears the 100-day mark.
Benchmark U.S. crude oil futures have surged 35% since the war broke out in late February, averaging about $98 a barrel over the past six-week period.
