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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 Saturday, July 4, 2026

1. Headlines

Oil prices are essentially flat in thin, holiday trading. WTI is up a marginal 9 cents to $68.78, while Brent gained 33 cents to $72.13. The primary narrative in today's reports centers on the slow and chaotic recovery of Gulf oil flows following the Hormuz conflict. Reuters' monthly survey, cited by OilPrice.com, shows OPEC production jumped by 3.3 million barrels per day (bpd) in June to 19.43 million bpd, a sharp rebound from May's multi-decade lows. The gains were led by Kuwait and Iran, the latter benefiting from a lifted U.S. naval blockade. However, the same report stresses that output remains well below quota levels and pre-war norms, as tanker traffic through the Strait remains patchy and cautious.

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