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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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Date: May 2, 2026

1. Headlines

Oil prices are pulling back from recent highs in thin holiday trading. As of midday Saturday, WTI is trading just above $101, down nearly 3% from yesterday's close, with Brent near $108. The sell-off is being attributed by financial press, including Bloomberg via Rigzone, to ongoing uncertainty in U.S.-Iran negotiations and traders pulling back risk ahead of the weekend. Chevron CEO Mike Wirth warned in a CNBC interview that the "global energy system continues to be under extreme stress" and expressed concern over dwindling global oil supplies if the Strait of Hormuz remains closed.

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