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BAKKEN WIRE
The Midday Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·🔆Midday Wire·
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Date: Monday, June 8, 2026

1. Headlines

Oil prices are up sharply today, with Brent crude nearing $95 per barrel and WTI above $91. According to reports from Rigzone and OilPrice.com, the move is attributed to renewed Middle East supply risks following Israeli retaliatory strikes on Iranian military targets. Analysts at Zaye Capital Markets label this a "geopolitical premium" rather than a demand-driven rally. Concurrently, multiple analyses highlight extreme global inventory drawdowns, with one OilPrice.com report citing unnamed industry executives warning the market is approaching "tank bottom" and "operational stress" by late June due to the prolonged closure of the Strait of Hormuz.

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