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BAKKEN WIRE
The Midday Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·🔆Midday Wire·

Daily Energy Market Briefing Saturday, May 16, 2026

1. Headlines

Oil prices surged today amid deepening supply concerns. As reported by Rigzone, WTI crude jumped 4.23% to close at $101.02 per barrel, with Brent rising 3.35% to $109.26. The primary driver cited across financial headlines is the ongoing supply disruption from the Strait of Hormuz, which Iran shut down following a U.S.-Israeli attack over two months ago. Rigzone notes traders are focused on "tightening crude supplies and fragile Middle East ceasefire conditions."

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