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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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Energy Market Briefing Afternoon Update | Wednesday, August 5, 2026

1. Headlines

Oil prices extended losses for a third consecutive session today, with WTI falling 0.92% to settle at $75.07. Brent crude saw a more modest decline, down 0.06% to $79.31. According to Rigzone, the primary driver cited in trading circles is growing market optimism that diplomatic talks could lead to an agreement to reopen the Strait of Hormuz, a critical global oil shipping lane currently closed due to Iranian attacks. This sentiment is temporarily outweighing the ongoing physical supply risk.

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