US oil drilling has expanded for six straight weeks, marking the longest sustained increase since mid-2022, as rising crude prices incentivize domestic energy production. The number of active rigs nationwide rose by two this week, reaching 431, according to data from Baker Hughes Co. This trend underscores the ongoing response of shale drillers to heightened global demand and price gains.
Global Conflict Fuels Price Surge
The ongoing conflict involving Iran has driven benchmark US crude futures up 35% since late February, averaging nearly $98 a barrel over the past six weeks. Overseas refiners are increasingly turning to US oil supplies to offset disruptions caused by the conflict, which is approaching its 100-day mark.
This expansion reflects the resilience of American energy producers in adapting to global market conditions and prioritizing domestic energy security.
The last comparable streak in US drilling activity occurred in mid-2022, as energy demand rebounded from pandemic-related lows. The current surge highlights the strategic importance of domestic energy production in stabilizing markets and reducing reliance on volatile global supply chains.