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BAKKEN WIRE
The Midday Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·🔆Midday Wire·
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Energy Market Briefing: Friday, April 17, 2026

1. Headlines

The dominant story today is a dramatic, double-digit crash in crude oil prices. WTI fell nearly 11% to $81.46, and Brent fell to $89.15, following an announcement from Iranian Foreign Minister Abbas Araghchi that the Strait of Hormuz is now "completely open" for commercial traffic (Bloomberg via Rigzone). U.S. President Donald Trump quickly echoed this on social media, stating the strait is "FULLY OPEN AND READY FOR FULL PASSAGE." This news triggered a massive unwind of the geopolitical risk premium that has supported prices for weeks.

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