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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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Bakken Wire: Afternoon Energy Briefing Tuesday, May 12, 2026

1. Headlines

Oil prices surged sharply today. WTI crude settled above $102 per barrel, up over 4%, while Brent closed at $107.50. According to reports from Rigzone and OilPrice.com, the move is attributed to deepening fears over the Strait of Hormuz crisis, with one of the world's largest shippers, Norden, reportedly planning for the vital chokepoint to remain effectively shut for the rest of the year. Concurrently, President Trump stated the U.S.-Iran ceasefire is on "massive life support," further fueling supply anxiety.

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