North Dakota Oil Operators Cautious Amid Iran-Driven Price Surge

Despite a significant rise in oil prices driven by the Iran war, U.S. oil operators in North Dakota are moving cautiously on ramping up drilling activity.

This is according to Mark Bohrer, assistant director of the Oil and Gas Division at the state's Industrial Commission.

While elevated prices have improved near-term fundamentals, most producers are sticking to budgets set at the end of last year, limiting any immediate jump in drilling activity.

However, output could edge higher in the near term as more wells are completed and some drilling activity picks up.