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BAKKEN WIRE
The Morning Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·☀️Morning Wire·
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Bakken Wire Morning Briefing Wednesday, April 29, 2026

1. Headlines

Oil prices are surging this morning as geopolitical tensions escalate. As of this writing, WTI crude is up 3.38% to $103.31, and Brent has topped $107, with some reports citing intraday highs above $114 (OilPrice.com). The primary catalyst is a series of reports, including from the Wall Street Journal via unnamed U.S. officials, indicating the Trump administration is preparing for an extended U.S. naval blockade outside the Strait of Hormuz to choke off Iran's oil exports. U.S. Treasury Secretary Scott Bessent publicly stated the blockade is working, claiming Iran's primary export terminal is nearing storage capacity (OilPrice.com).

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