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BAKKEN WIRE
The Midday Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·🔆Midday Wire·

Date: Tuesday, May 26, 2026

Headlines Oil prices whipsawed today, with WTI falling 2.76% to $93.93 and Brent dropping 3.01% to $97.19. The primary driver is conflicting signals from the U.S.-Iran conflict. Reports from OilPrice.com indicate initial market optimism about a potential framework deal sent prices lower, but subsequent news of fresh U.S. strikes on Iran pushed crude back toward the $100 level. President Trump issued an upbeat signal on the talks, while Secretary of State Marco Rubio emphasized the need to keep the Strait of Hormuz open. A separate incident, an explosion and oil spill on a tanker in the Gulf of Oman, adds to regional tension.

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