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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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Date: Wednesday, August 12, 2026

1. Headlines

Oil prices are edging higher this morning, with Brent topping $89 and WTI trading near $83.65. According to reports from OilPrice.com and Rigzone, the primary driver remains uncertainty and conflicting claims around the Strait of Hormuz. U.S. Secretary of Energy Chris Wright stated on Tuesday that Middle East oil flows have "normalized," citing a seven-day average of nearly 9 million barrels per day (mb/d) transiting the Strait and total regional flows averaging 15 mb/d. However, this claim is directly contradicted by ship-tracking data from Kpler, reported by Reuters, which shows vessel traffic at the chokepoint falling to a weekly low of just 8 transits on Tuesday, far below pre-conflict levels.

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