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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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Daily Energy Market Briefing

Friday, July 3, 2026

1. Headlines

Oil prices are poised for a fourth consecutive weekly loss, with WTI trading at $68.38 and Brent at $71.65, levels last seen before the Middle East conflict began four months ago. According to reports from OilPrice.com and Rigzone, the primary driver is the tentative reopening of the Strait of Hormuz, with Saudi Arabian exports surging toward pre-war levels and millions of barrels of Iraqi crude being offered to Asian buyers. Major banks have turned decisively bearish; Citigroup, cited by Bloomberg, forecasts Brent could fall to $60-$65 by year-end, while Goldman Sachs warns of a potential 3 million barrel per day global surplus in 2027.

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