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BAKKEN WIRE
The Afternoon Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·🌅Afternoon Wire·
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Energy Market Briefing Friday, April 17, 2026

1. Headlines

Oil markets are in free-fall today, with prices crashing over 8%. As of this afternoon, WTI crude is trading at $83.83, down $7.34, while Brent is at $91.40, down $7.99. The collapse is being attributed by financial outlets like Rigzone and OilPrice.com to a potential diplomatic breakthrough in the Middle East. The trigger was Iran’s announcement that the Strait of Hormuz is now "completely open" for commercial traffic, according to Rigzone. Bloomberg vessel-tracking data, cited by OilPrice.com, shows at least eight crude carriers beginning to advance toward the chokepoint, with a Pakistan-flagged tanker reportedly becoming the first to successfully transit the Strait with a crude cargo since the U.S. blockade began.

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