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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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Bakken Wire Energy Briefing Tuesday, July 14, 2026 | Midday Update

1. Headlines

Oil prices are surging today as the U.S.-Iran ceasefire has fully collapsed, reigniting fears of a major supply disruption. According to multiple reports from OilPrice.com and Rigzone, U.S. missile strikes on Iranian targets and Iran’s retaliatory attacks on Gulf states have led to a reinstated U.S. naval blockade in the Strait of Hormuz. OilPrice.com reports vessel traffic through the critical chokepoint has fallen by roughly 50%. This has sent Brent crude above $85 and WTI near $80, with both benchmarks posting their largest single-day gains in years on Monday.

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