1340 ET - Rigs drilling for oil in the U.S. fell by three this week to 439, and were down by 49 from a year ago as producers continue to reduce activity, oil services company Baker Hughes reports. The recent rally in oil prices, further fueled by Israel's strikes against Iran, is unlikely to bringing about a material increase in drilling in the near term as it's "largely driven by uncertainty rather than a structural shift in supply and demand," says Tortoise Capital portfolio manager Brian Kessens. "Should the disruption evolve into a longer-lasting constraint on global supply, producers may respond with increased investment toward higher production," he adds. Rigs directed at natural gas slipped by one to 113, or 15 more than a year ago. (anthony.harrup@wsj.com)

(END) Dow Jones Newswires

June 13, 2025 13:40 ET (17:40 GMT)

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