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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, May 8, 2026

1. Headlines

Oil prices are volatile but ended Friday slightly higher, with Brent crude settling at $100.12 and WTI at $94.50, according to Rigzone. The stated reason is renewed skirmishes between U.S. and Iranian forces in the Persian Gulf, which threaten a fragile ceasefire and the reopening of the Strait of Hormuz. Secretary of State Marco Rubio stated the U.S. expects an Iranian response to a peace proposal "imminently," while Iran criticized U.S. actions and claimed a cargo vessel was hit.

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