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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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Daily Energy Market Briefing Saturday, May 2, 2026

1. Headlines

Oil prices fell sharply today, with WTI dropping nearly 3% to settle at $101.94 and Brent at $108.17. According to reports from Rigzone, the drop is attributed to uncertainty surrounding U.S.-Iran negotiations, as a new proposal from Iran hangs in the balance. The market is weighing this against ongoing supply tightness, with Chevron CEO Mike Wirth warning the global energy system is under "extreme stress."

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