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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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Midday Energy Market Briefing – July 3, 2026

1. Headlines

Oil prices are nearly flat in quiet, range-bound trading, reflecting a pre-holiday lull and an apparent market fatigue with U.S.-Iran ceasefire headlines. WTI is at $68.70, with Brent at $72.03. Traders cited by OilPrice.com note the focus has shifted from geopolitics to a looming physical supply surplus, as evidenced by surging exports from the Persian Gulf. Saudi Arabian crude exports are reportedly nearing pre-war levels, and TotalEnergies is actively offering millions of barrels of Iraqi crude to Asian buyers for prompt delivery, according to unnamed trading sources cited by Bloomberg and Rigzone.

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