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BAKKEN WIRE
The Morning Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·☀️Morning Wire·
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Energy Market Briefing Date: Wednesday, July 1, 2026

1. Headlines

Oil prices are extending losses this morning, with WTI down 0.62% to $69.07 and Brent down 0.95% to $72.26. According to reports from Rigzone and OilPrice.com, the decline is attributed to rising supply as shipping through the Strait of Hormuz increases and Wall Street banks amplify warnings of a looming glut. Standard Chartered’s Emily Ashford noted the "softening trend" continues as supply return outpaces demand recovery.

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