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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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DAILY ENERGY BRIEFING Thursday, July 2, 2026

1. Headlines

Crude prices are under pressure today, with WTI down 1.2% to $67.76 and Brent falling 1.05% to $70.82. Headlines from OilPrice.com and Rigzone attribute the decline to reports of a rapid recovery in tanker traffic through the Strait of Hormuz, reigniting fears of a global supply surplus. Analysts from Morgan Stanley and Goldman Sachs are cited, pointing to high U.S. exports and weak Asian demand for Middle Eastern crude grades as structural bearish factors.

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