1406 ET - The number of rigs drilling for oil in the U.S. increased by six this week to 462, a sixth consecutive rise to its highest level since May of 2025, according to data from Baker Hughes. The number of rigs was up by 44 from a year ago. The rise in oil prices since the start of the U.S.-Iran conflict has prompted more drilling, with U.S. crude production reaching a record just shy of 14 million barrels a day. The EIA estimates production will average 13.9 million b/d this year and rise to 14.3 million b/d in 2027. Rigs drilling for natural gas slipped by one this week to 132, or 12 more than a year ago.
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