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BAKKEN WIRE
The Midday Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·🔆Midday Wire·

DAILY ENERGY BRIEFING Wednesday, July 8, 2026

1. Headlines

Oil prices are rocketing higher today, with both WTI and Brent crude up over 7%. According to multiple reports from OilPrice.com and Rigzone, the surge follows a direct military escalation and the collapse of diplomatic efforts with Iran. U.S. President Donald Trump declared the interim ceasefire with Iran "over" after Iranian attacks on three commercial vessels in the Strait of Hormuz on Tuesday. The U.S. responded with large-scale airstrikes on more than 80 targets inside Iran, revoked a key sanctions waiver that had allowed Iran to sell oil, and Iran has formally announced the closure of the Strait of Hormuz to commercial shipping.

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