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BAKKEN WIRE
The Afternoon Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·🌅Afternoon Wire·
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Daily Energy Market Briefing Wednesday, June 3, 2026

Headlines

Oil prices posted significant gains for a third consecutive session today. WTI crude settled at $96.37, up $2.61 (2.78%), while Brent closed at $98.04, up $2.04 (2.13%). According to reports from Rigzone and analysis cited by Saxo Bank, the primary driver is escalating U.S.-Iran tensions and diminishing hopes for a diplomatic deal that would reopen the Strait of Hormuz. Recent strikes targeting U.S. allies in Kuwait and Bahrain have reignited fears of a wider regional conflict, directly threatening the flow of oil from the Persian Gulf.

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