US oil producers are increasing output to capitalise on the energy crisis prompted by Donald Trump’s war in Iran and expectations that crude prices will remain higher for longer.
Companies including Diamondback, America’s third-largest producer in the Permian Basin, the world’s most prolific oilfield, and shale driller Continental Resources said they were expanding drilling as oil prices have surged more than 40 per cent, to about $100 per barrel, because of the conflict.
Veteran oilman and Trump donor Harold Hamm, who owns Continental, told the FT he planned to increase capital expenditure by about $300mn to $2.8bn in 2026 in response to higher oil prices.
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