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BAKKEN WIRE
The Midday Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·🔆Midday Wire·

Date: Saturday, May 23, 2026

Headlines

Global crude prices are mixed in a volatile geopolitical market. Brent crude is up 0.71% to trade above $100 per barrel, while WTI is relatively flat at $96.60, according to midday pricing data. Reuters and Rigzone report that prices are swinging on headlines regarding potential peace negotiations with Iran, following months of war and the continued closure of the Strait of Hormuz. This comes after the U.S. Energy Information Administration (EIA) reported a substantial 8-million-barrel drawdown in commercial crude inventories this week, a bullish signal for underlying demand.

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