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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 | Tuesday, July 14, 2026

Headlines

Oil prices surged to one-month highs today, with WTI closing near $80 and Brent above $85. According to Rigzone, the primary driver is renewed military conflict in the Middle East, specifically the U.S. reinstatement of a naval blockade on Iranian ports and strikes inside Iran. A separate report from OilPrice.com notes that President Trump has scrapped his earlier proposal for a 20% toll on Hormuz cargo, replacing it with plans for Gulf state investment deals.

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