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BAKKEN WIRE
The Morning Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·☀️Morning Wire·
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DAILY BRIEFING: Tuesday, May 5, 2026

1. HEADLINES

Oil prices are volatile following a significant escalation in the Persian Gulf. After surging nearly 6% on Monday, benchmarks have pulled back slightly this morning. Brent crude is trading at $112.48 (-1.71%), and WTI is at $103.80 (-2.46%). The pullback follows yesterday’s spike driven by reports from Rigzone and OilPrice.com detailing new attacks. The U.S. military reported repelling coordinated drone and boat attacks while facilitating the passage of two U.S.-flagged vessels through the Strait of Hormuz. Concurrently, the UAE reported intercepting Iranian missiles and blamed an Iranian drone for a fire at the Fujairah port. A South Korean cargo ship, the HMM Namu, also suffered an explosion in the area, with the cause under investigation.

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