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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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Energy Market Briefing Friday, August 21, 2026

1. Headlines

Oil prices are consolidating near one-month highs this morning, with WTI at $86.64 and Brent at $93.56. According to Rigzone, the move higher is driven by escalating U.S.-Iran tensions, with new U.S. threats of "tremendous" economic consequences and "the toughest sanctions in history" reportedly set for Monday. Concurrently, OilPrice.com reports that physical supply through the Strait of Hormuz remains severely restricted, with daily vessel traffic languishing in the single digits, a key factor cited for the week's roughly 6% rally in crude.

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