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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 Market Briefing Monday, July 20, 2026 | Midday Update

1. Headlines

Oil prices are retreating from an early-session spike. Brent crude briefly broke above $90 per barrel in Asian trading after a weekend of escalated U.S.-Iran conflict, as reported by OilPrice.com. However, the rally faded, with Brent now at $87.90 and WTI at $81.33. The stated reasons for the early surge were a ninth consecutive night of U.S. airstrikes on Iran and Iranian retaliation targeting U.S. bases in Jordan, Kuwait, and Syria. According to OilPrice.com, Iran also claimed to have immobilized two tankers in the Strait of Hormuz.

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