The number of rigs drilling for oil in the U.S. rose by seven this week to 440, the most since June 6, 2025, Baker Hughes reports. The U.S. has added 33 oil rigs since the start of the U.S.-Iran conflict. U.S. crude production averaged 13.8 million barrels a day in recent weeks, according to the EIA which expects higher prices to contribute to an increase to 14.2 million b/d in 2027. The U.S. has been exporting record amounts of crude amid the loss of Middle East supply. "Never before have we been exporting this amount of oil," says Phil Flynn of the Price Futures Group. "I believe that when we get through this we're going to find out that U.S. producers are producing a lot more oil than has been reported. I think you're going to see the numbers get adjusted to the upside." (anthony.harrup@wsj.com)

(END) Dow Jones Newswires

June 26, 2026 14:48 ET (18:48 GMT)

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