Top U.S. oil producer declares ‘green’ light on drilling for more oil amid Iran war

A top oil and gas producer in West Texas’ booming Permian Basin declared a “green” light for the reluctant U.S. energy sector to start churning out more volumes amid the ongoing Iran war and sky-high crude prices.

Midland, Texas-based Diamondback Energy—the third-largest Permian player after Exxon Mobil and Chevron—said it is adding both fracking (hydraulic fracturing) crews and drilling rigs to West Texas. Large oil producers have hesitated to make long-term capital decisions based on a potentially short-term war.