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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: June 1, 2026

1. Headlines

Oil prices surged today, with WTI gaining over 5% to settle at $92.38 and Brent closing at $95.39, according to price data. Rigzone attributes the rally to renewed geopolitical tensions, specifically fresh clashes between U.S. and Iranian forces near the Strait of Hormuz, alongside commentary from former President Trump regarding peace talks. In other news, Rigzone reports the U.S. Energy Information Administration projects U.S. crude output could average 14 million barrels per day in 2027, a level never before achieved.

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