US Oil and Gas Production Rises Amid Iran War Uncertainty
US oil and gas production rose in Q3 2026 according to the Dallas Fed's survey, but producers are grappling with price uncertainty. The war in Iran has disrupted global supplies, causing US oil prices to reach $100 a barrel.
The conflict has also led to volatile crude futures, with prices averaging around $86 a barrel in Q3. Respondents to the survey expect a West Texas Intermediate (WTI) oil price of $88 a barrel by year-end 2026, with a wide range of $70 to $126.
Some producers expressed frustration at the market's volatility, with one respondent saying 'it sure would be nice to have a less volatile market.' The survey collected data from 125 energy firms between September 16-24, with 83 being exploration and production firms and 42 oilfield services firms.