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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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Daily Midday Energy Market Briefing Wednesday, April 29, 2026

1. Headlines

Oil prices are surging today, with WTI up 6.5% to $106.45 and Brent surpassing $110. The primary driver, cited across reports from Rigzone and OilPrice.com, is the hardening stance in the U.S.-Iran conflict. President Trump has reportedly directed aides to prepare for a prolonged U.S. naval blockade of the Strait of Hormuz, rejecting an Iranian proposal to reopen the waterway. The market is interpreting this as a signal that the stalemate—and the supply disruption—will continue indefinitely.

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