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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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Energy Market Briefing | Midday, Thursday, June 18, .

1. Headlines

Oil prices are sharply lower today, with WTI down 2.76% to $73.91 and Brent down 2.35% to $77.68. The selloff is being directly attributed to the formal enactment of the interim U.S.-Iran peace pact, as reported by Rigzone. The deal aims to reopen the Strait of Hormuz, with Rigzone noting "a growing stream of stranded oil" is already beginning to move out of the region. This has triggered a market expectation of a rapid return of Iranian and Iraqi barrels to the global market.

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