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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 Wednesday, July 8, 2026

1. Headlines

Oil prices surged over 5% today, with WTI at $73.96 and Brent at $78.04, according to market data. The immediate catalyst is a sharp escalation in the Middle East, following Iran's attacks on three commercial vessels—including an LNG carrier and an oil tanker—in the Strait of Hormuz on Tuesday. In response, the U.S. conducted retaliatory strikes inside Iran and, critically, revoked the sanctions waiver that had allowed Iran to sell oil without penalties since mid-June. The Joint Maritime Information Center has raised the regional threat level to "severe."

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