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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 Briefing — Saturday, July 18, 2026

Headlines

Oil prices surged Friday on escalating fears of a wider Iran war. WTI crude jumped $3.50 (4.47%) to close at $81.78, while Brent gained $3.87 (4.59%) to settle at $88.10. The catalyst: a quartet of Iran-linked tankers executed U-turns and zig-zag maneuvers just outside the Strait of Hormuz, according to Rigzone. Rystad Energy has revised its Iran scenario framework “following a renewed deterioration in security conditions” around the chokepoint. Traders boosted bullish bets, and Brent futures flipped to backwardation — a clear signal the market expects near-term supply tightness.

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