Energy Market Briefing

Daily Energy Market Briefing Friday, August 7, 2026

1. Headlines

Oil prices are rising today, with WTI gaining 1.4% to $78.38 and Brent up 1.5% to $83.73, according to midday trading data. The primary catalyst is fading optimism over a quick resolution to the Strait of Hormuz crisis. While reports from OilPrice.com indicate the U.S. administration claims a deal with Iran is "close," the market is reacting to tangible escalations: ADNOC reported 15 attacks on its vessels, including three this week, resulting in casualties. Concurrently, Iran’s parliament is reviewing a bill to permanently ban certain vessels from the strait.