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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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Date: Thursday, May 7, 2026

1. Headlines

Oil prices are up sharply today, with WTI crude rising 2.12% to $97.10 per barrel and Brent climbing to $102.63, according to Rigzone. The primary drivers cited are ongoing geopolitical tensions in the Middle East and a supportive weekly U.S. inventory report. Rigzone reports that markets are volatile due to doubts over a potential Iran deal and that U.S. crude stocks, excluding the SPR, fell by more than 2 million barrels last week.

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