US Drillers Add Oil, Gas Rigs As Hormuz Transit Resumes

The US is ramping up its oil and gas drilling operations, with the rig count increasing by 7 for oil and 3 for gas this week, bringing the total to 573. This rise follows the resumption of shipping through the Strait of Hormuz, suggesting that companies are optimistic about market conditions. This uptick is notable because it's 26 rigs higher than last year, indicating a potential shift in industry confidence or a response to changing economic factors. The increase in drilling activity could have significant implications for future energy supply and market dynamics.