Oil giants to gain ‘billions' from Iran war — but won't ramp up drilling despite Trump's insistence

US oil majors are resisting White House pressure to add more rigs and wells, arguing that their current “bumper” profits are temporary rather than a durable earnings tailwind. The reluctance to expand supply risks keeping upward pressure on energy prices and sustaining volatility for the sector, as policy-driven expectations diverge from company investment plans.

Analysis

US oil majors are resisting White House pressure to add more rigs and wells, arguing that their current “bumper” profits are temporary rather than a durable earnings tailwind. The reluctance to expand supply risks keeping upward pressure on energy prices and sustaining volatility for the sector, as policy-driven expectations diverge from company investment plans.