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BAKKEN WIRE
The Afternoon Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·🌅Afternoon Wire·

DAILY ENERGY BRIEFING Wednesday, April 29, 2026

1. HEADLINES

Crude oil prices surged today, with WTI up over 8% to $108.28 and Brent rising nearly 7% to $111.69. The rally is being directly attributed to geopolitical tensions and supply fears. According to Rigzone, the stalemate in the U.S.-Iran conflict continues, with President Trump reportedly instructing aides to prepare for a prolonged U.S. naval blockade of the Strait of Hormuz, as per a Wall Street Journal report. The market is reacting to the prospect of indefinite supply disruption. Separately, the UAE’s announced withdrawal from OPEC and OPEC+, effective tomorrow, is cited as a factor injecting uncertainty into the producer group's cohesion, though Rigzone reports that Russia and Kazakhstan have stated they have no plans to leave the alliance.

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