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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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Bakken Wire Energy Market Briefing

Afternoon Update | Monday, August 10, 2026

1. Headlines

Oil prices surged over 5% today, with WTI closing above $82 and Brent nearing $88. The primary driver cited across financial media is the unresolved blockade of the Strait of Hormuz and its tightening grip on global supply. According to Bank of America's Francisco Blanch, who spoke to CNBC, tanker traffic through the chokepoint remains at just 5-10 ships per day, a tiny fraction of the pre-crisis 140, leading to severe product shortages. Blanch warned that diesel crack spreads have exploded to $80-$85 per barrel—higher than the price of WTI crude itself—and that prices will keep climbing without a diplomatic resolution.

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