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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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Energy Market Briefing Wednesday, July 8, 2026

1. Headlines

Oil prices surged over 6% today, with WTI closing at $74.78 and Brent at $79.24. According to multiple reports from Rigzone, the rally is directly tied to renewed geopolitical risk after former President Donald Trump, speaking from Ankara, declared the Iran ceasefire "over," followed by reports of renewed U.S. strikes. The International Monetary Fund (IMF) downgraded its 2026 global growth forecast to 3%, citing the Iran conflict, and projects oil prices will average 32% higher this year.

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