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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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Bakken Wire: Energy Market Briefing Wednesday, July 22, 2026

1. Headlines

Oil prices surged sharply this morning, with WTI crude up over 3.5% to trade above $87 and Brent crude also posting significant gains. According to reports from OilPrice.com and Rigzone, the immediate catalyst is a new and credible threat from Houthi militants to block the Bab el-Mandeb Strait, a critical Red Sea chokepoint. The Joint Maritime Information Center (UKMTO) issued an advisory citing sources stating the Houthis have completed military preparations for such an attack, leading several Saudi oil tankers to execute U-turns in the Red Sea.

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