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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 Friday, August 21, 2026

1. Headlines

Oil markets are consolidating near multi-week highs today, with Brent crude holding just under $94 and WTI steady near $86.70. The primary driver remains the ongoing conflict with Iran and its impact on Middle Eastern supply routes. Rigzone reports crude extended its rally on strong Asian demand and constrained global supplies, while also noting new U.S. threats against Iran are raising fears of a prolonged conflict. Iranian President Masoud Pezeshkian called for an end to the war but refused to acknowledge defeat, stating it should end "with the whole world acknowledging our victory," according to the Iranian Students' News Agency.

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