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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

Monday, July 13, 2026

1. Headlines

Oil prices surged nearly 10% today, with Brent closing at $83.36 and WTI at $78.11. The move is being widely attributed to a major escalation in the Strait of Hormuz. As reported by OilPrice.com and Rigzone, President Trump announced the U.S. would reinstate a blockade on Iranian shipping and impose a proposed 20% fee on cargoes receiving U.S. protection while transiting the strait. The announcement followed weekend reports from Rigzone of fresh military strikes exchanged between U.S. and Iranian forces.

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