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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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Energy Market Briefing for Bakken Wire Date: Sunday, May 31, 2026

1. Headlines

Oil markets are under pressure to start the week, with both WTI and Brent crude settling at six-week lows on Friday. WTI closed at $87.36, down 1.73%, while Brent finished at $91.12. According to reports from Rigzone, the sell-off is being driven by trader bets that the Strait of Hormuz could reopen, based on ongoing truce negotiations between the U.S. and Iran. A person with knowledge of the matter told Rigzone that the two nations have tentatively agreed to renew a ceasefire for 60 days and launch further talks on Tehran's nuclear program.

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