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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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Afternoon Energy Market Briefing Tuesday, August 4, 2026

1. Headlines

Oil prices are in sharp retreat today, with WTI down over 6% to $75.39 and Brent falling nearly 6% to $78.85. The sell-off is being widely attributed to renewed diplomatic optimism. According to multiple reports from OilPrice.com and Rigzone, U.S. officials including Treasury Secretary Scott Bessent and Secretary of State Marco Rubio signaled progress on a potential short-term deal with Iran. President Trump was cited calling an agreement to reopen the Strait of Hormuz "imminent."

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