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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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Afternoon Energy Market Briefing for Bakken Wire Date: Wednesday, July 1, 2026

1. Headlines

Oil prices are extending their sharp decline today, with WTI down 2% to $68.11 and Brent down 2.41% to $71.19. As reported by Rigzone, the drop is widely attributed to fears of a market glut, driven by recovering tanker traffic through the Strait of Hormuz and rising global supplies. The headlines cite Standard Chartered Bank's note that the "return of easy barrels outpaces demand recovery."

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