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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 22, 2026 | Afternoon Update

1. Headlines

Oil prices surged nearly 4% today, with Brent closing at $93.87 and WTI at $86.47. According to reports from OilPrice.com, the primary driver is a new Houthi threat to block the Bab el-Mandeb Strait, which would choke off Saudi crude exports from the Red Sea port of Yanbu. This compounds existing supply fears from the ongoing U.S.-Iran conflict, which has severely restricted traffic through the Strait of Hormuz.

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