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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 Tuesday, July 7, 2026 | Midday Update

1. HEADLINES

Oil prices are rebounding sharply today after a series of drone strikes targeted shipping in the Strait of Hormuz. According to OilPrice.com and Rigzone, a Qatari LNG carrier was hit and a laden Saudi oil tanker was damaged while exiting the chokepoint. This has reintroduced a geopolitical risk premium, with WTI up 2.71% to $70.41 and Brent up 2.85% to $74.04. The attacks test the recent U.S.-Iran memorandum of understanding intended to halt hostilities and secure the waterway.

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