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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 Thursday, July 16, 2026

1. Headlines

Oil prices are edging higher this morning, with WTI at $79.96 and Brent at $85.15. The primary driver is the escalating security crisis in the Strait of Hormuz. According to multiple reports from OilPrice.com and Rigzone, tanker traffic through the chokepoint has plunged to five-week lows following a series of attacks, including on UAE-managed supertankers, and retaliatory U.S. airstrikes. India’s maritime authority has directed shipowners to stop deploying Indian nationals on vessels transiting the strait, a significant move given India’s large share of the global seafaring workforce.

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