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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 ENERGY BRIEFING | FRIDAY, MAY 8, 2026

1. Headlines

Oil prices are climbing today as a fragile ceasefire in the U.S.-Iran war shows signs of strain. As of midday, WTI crude is up 1.14% to $95.89, and Brent has gained 1.67% to $101.73. According to Rigzone, Secretary of State Marco Rubio stated the U.S. expects Iran to respond imminently to a new peace proposal from President Trump. However, overnight clashes continued, with U.S. airstrikes on empty Iranian tankers and Iranian attacks on a cargo vessel and the United Arab Emirates. This volatility follows a nearly 8% drop in Brent on Wednesday, highlighting extreme market sensitivity to each headline.

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