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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: Monday, August 31, 2026

1. Headlines

Oil prices are sharply higher this morning, with WTI at $86.62 (+$3.22) and Brent at $88.88 (+$2.76). The immediate catalyst is a renewal of direct hostilities in the Strait of Hormuz over the weekend. According to Rigzone and OilPrice.com, U.S. forces struck Iranian rocket launchers on Larak Island on Sunday, and Iran responded by firing missiles toward Jordan. This morning, Iranian state media reported a supertanker caught fire after hitting naval mines in the Strait, further escalating tensions and supply-security fears.

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