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BAKKEN WIRE
The Afternoon Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·🌅Afternoon Wire·

Energy Market Briefing

Wednesday, May 27, 2026

1. Headlines

Oil prices fell sharply today, with WTI crude settling at $89.44, down 4.74%. According to Rigzone, the sell-off is driven by market speculation that a U.S.-Iran peace deal could be imminent, which would ease the protracted Middle East conflict and potentially reopen the Strait of Hormuz. The price drop occurred despite analysts at Macquarie forecasting a week-on-week drawdown in U.S. crude inventories, a typically bullish signal.

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