US frackers join the fray

US oil companies are increasing drilling activity in response to the Iran conflict and rising oil prices, with smaller independent producers like Diamondback Energy accelerating capital expenditures while major companies like Exxon and Chevron remain cautious. The number of active hydraulic fracturing spreads has jumped 20% in the Permian Basin, positioning the US to reach record production above 14 million barrels per day this year.