It's pipe rust. It will eventually disappear.
If it's in the well, it's not likely to be pipe rust. Many water-bearing rock formations are red sandstone. Any disturbance in the well will loosen up the very fine particles which stay in suspension ofr a long time.
Best way to clear it is to re-establish the channels and flush out the very fine sediment causing the turbidity.
exactly, it is pipe rust. lost of iron ore. little too much to consume though, try to filter it a bit. or get bottled water.