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BAKKEN WIRE
The Afternoon Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·🌅Afternoon Wire·

Bakken Wire Energy Briefing Friday, May 15, 2026

1. Headlines

Oil markets surged today, with WTI crude closing above $101 per barrel, a gain of over 4%. Brent crude followed, settling above $109. The rally is being attributed by financial media to a combination of factors: steadying tensions following a Trump-Xi summit that discussed Iran and energy trade, and signs that some crude shipments are moving through the Strait of Hormuz, as indicated by trading giant Vitol offering Iraqi Basrah crude. The U.S. rig count posted a modest gain of 3 units this week, according to Baker Hughes, driven by a 5-rig increase in oil-directed activity, though the national count remains 25 rigs below year-ago levels.

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