North Dakota Officials Warn of Potential Oil Price Hike

Geopolitical tensions could drive up prices, says state mineral resources director

Published on Mar. 2, 2026

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The North Dakota Department of Mineral Resources has warned that oil prices could rise between $3 to $5 per barrel due to heightened geopolitical tensions, particularly involving Iran, a major oil producer. The state's oil producers had hoped for lower prices in the low $50s per barrel this year, but now face the possibility of prices moving in the opposite direction.

Why it matters

North Dakota is a major oil-producing state, so fluctuations in global oil prices can have significant economic impacts on the state's energy industry and broader economy. Higher oil prices could benefit producers but also increase costs for consumers and businesses.

The details

According to Nathan Anderson, the director of the North Dakota Department of Mineral Resources, Iran is a top-ten global oil producer that can generate up to 4.5 million barrels of oil per day. He says that when geopolitical attacks or tensions involving major oil producers occur, oil prices tend to rise historically.

  • The Department of Mineral Resources issued this warning on March 2, 2026.

The players

Nathan Anderson

The director of the North Dakota Department of Mineral Resources.

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What they’re saying

“North Dakota oil producers had been hoping prices would drop from the 60s to the low 50s per barrel this year but now they could be heading in the opposite direction.”

— Nathan Anderson, Director, North Dakota Department of Mineral Resources (dakotanewsnetwork.com)

What’s next

The Department of Mineral Resources will continue to monitor global oil market conditions and geopolitical developments that could impact North Dakota's energy industry.

The takeaway

North Dakota's oil and gas sector, a key driver of the state's economy, faces potential headwinds from rising global oil prices stemming from geopolitical tensions, underscoring the industry's vulnerability to external market forces.