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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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Morning Energy Market Briefing

For Bakken Wire | Thursday, July 2, 2026

1. Headlines

Oil prices are down sharply this morning, with WTI falling 1.9% to $67.27 and Brent dropping to $70.38. The primary driver cited across financial and trade media is the accelerating return of tanker traffic through the Strait of Hormuz. According to reports from Reuters and OilPrice.com, Saudi Arabia is rushing at least 10 million barrels of crude through the Strait to Asian markets, utilizing rare spot sales to move volumes quickly. This is reinforcing market fears of a near-term glut.

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