The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.

0816 GMT - The European Central Bank could signal a possible September interest-rate rise through a media leak after Thursday's meeting, but this is unlikely to prevent the euro from falling in coming days, ING's Francesco Pesole says in a note. ING's near-term bias for the euro remains "titled to the downside" as currency markets appear "dangerously complacent" about the escalating Middle East conflict, he says. "Unless the newsflow becomes more constructive, we look for the euro to slip towards $1.1380 in the coming days." The euro rises 0.1% to $1.1423. The ECB announces its policy decision at 1215 GMT and is expected to leave rates unchanged but markets price a 90% chance of a rate rise in September, LSEG data show. (renae.dyer@wsj.com)

0811 GMT - Oil prices extend gains for a fifth consecutive session after the U.S. carried out another round of strikes on Iran and unverified reports said Houthi rebels targeted two tankers in the Red Sea, fueling concerns over disruptions to another key shipping route. In early trading, Brent crude climbs 4.6% to $98.39 a barrel, while WTI futures rise 3.4% to $89.75 a barrel. "The U.S.-Iran conflict has shown no sign of easing, and there's still no indication of any emerging peace deal either," analysts at Deutsche Bank say. Traffic through the Strait of Hormuz has fallen sharply from June levels, while Kpler ship-tracking data show some vessels have rerouted to avoid the Red Sea after the Houthis announced a maritime blockade against Saudi Arabia. The Houthis' threats have heightened concerns over longer shipping times, higher freight costs and the risk of tighter global oil supplies if the conflict escalates further. (giulia.petroni@wsj.com)

0806 GMT - Markets increase their expectations of the Bank of England increasing interest rates in 2026 due to rising oil prices and inflation fears. Intensifying conflict in the Middle East has led investors to price in the possibility of high inflation and potential central bank rate hikes to tackle inflation. Investors fully price in one quarter-point BOE rate increase in November and a 93% possibility of a second rate rise in December, LSEG data show. Traders were pricing in a total of 38 basis points of BOE rate rises in 2026, last week. (miriam.mukuru@wsj.com)

0805 GMT - U.S. and eurozone government bond yields rise across maturities, with the 10-year U.S. Treasury and German Bund yields hitting two-month highs of 4.671% and 3.198%, respectively, according to Tradeweb data. Yields have been climbing in recent sessions as renewed escalation in the Middle East prompted oil prices to rise, with Brent last trading 3.80% higher at $97.64. The rise in oil prices could concern policymakers at the European Central Bank ahead of a monetary policy decision later in the day. The ECB is widely expected to keep interest rates on hold, while a rate hike is anticipated in the coming months. (emese.bartha@wsj.com)

0743 GMT - Kuehne + Nagel should benefit from cost reductions through its deployment of artificial intelligence, Bernstein analyst Alex Irving and Antoine Madre say in a research note. However, at this stage it is less clear how the Swiss logistics company can hold onto these gains in the margin, instead of benefits flowing primarily to customers, the analysts say. The company also raised its guidance for 2026, targeting recurring earnings before interest and taxes between 1.35 billion Swiss francs and 1.55 billion francs, from a range of 1.25 billion francs to 1.4 billion francs. Current consensus sits at 1.37 billion francs. Shares trade 0.2% lower at 207.6 francs. (nina.kienle@wsj.com)

0735 GMT - Gold prices fall after reaching a two-week high on Wednesday, as escalating tensions in the Middle East drive oil higher, fueling concerns over inflation and interest-rate hikes. In early trading, gold futures in New York are down 1% to $4,110.30 a troy ounce, after rising in the previous session as dip-buyers emerged despite firmer U.S. yields. Investors now await the Federal Reserve's meeting next week for more cues on the monetary policy outlook. While the U.S. central bank is widely expected to keep rates unchanged this month, traders expect at least one rate hike by the end of the year. Higher interest rates tend to diminish the appeal of non-yielding bullion. (giulia.petroni@wsj.com)

0730 GMT - Bitcoin falls as U.S. stock futures decline amid the ongoing U.S.-Iran conflict and after earnings from Alphabet and Tesla fuelled concerns about AI spending. The U.S. is surging forces, medics and weaponry to the Middle East as President Trump considers expanding the conflict against Iran, WSJ reports. Shares in Tesla and Alphabet fell in after-hours trading after both reported negative free cash flow for the latest quarter and said they expect higher capital expenditures. Bitcoin falls 0.3% to $65,673, LSEG data show. (renae.dyer@wsj.com)

0726 GMT - The euro rises ahead of the European Central Bank's policy decision later in the day. The ECB is largely expected to keep rates on hold when it announces its decision at 1215 GMT but markets are pricing in an 84% chance of a 25 basis-point rate rise in September, LSEG data show. Investors will be keen to hear the ECB's response to the renewed rise in oil prices stemming from the escalation in the U.S.-Iran conflict. The ECB is likely to cement the prospect of a rate rise in September, although the euro is unlikely to benefit much since this is largely priced in, Commerzbank's Antje Praefcke says in a note. The euro rises 0.2% to $1.1427. (renae.dyer@wsj.com)

0718 GMT - Yields on 10-year U.K. government bonds, or gilts, rise to a two-month high as soaring oil prices raise inflation risk and increase the possibility of the Bank of England increasing interest rates in 2026. "The latest rise in energy prices led to fresh concerns about a more prolonged stagflationary shock, with investors pricing in more inflation as a result," Deutsche Bank Research strategists say in a note. Ten-year gilt yields climb 3.8 basis points to a high of 5.080%, Tradeweb data show. (miriam.mukuru@wsj.com)

0717 GMT - Eurozone government bond yields edge higher in opening trade as oil prices rise due to continued Middle East conflict while investors await a European Central Bank's policy decision later in the day. The ECB is expected to leave interest rates on hold, but markets will watch for any comments on the potential impact of recent oil-price rises and the prospects for further rate increases in the coming months. "Markets will be very attentive to clues for September, which features updated forecasts," analysts at KBC Bank say in a note. The 10-year Bund yield rises 0.9 basis points to 3.187%, according to LSEG data. The magnitude of the rise is broadly in line with that of U.S. Treasury yields. (emese.bartha@wsj.com)

0654 GMT - The dollar eases in the absence of fresh catalysts to propel the currency higher. In a quiet week of U.S. economic data, investors are looking ahead to the Federal Reserve's policy decision on July 29 for any hints on whether the central bank could raise interest rates this year. The Fed is widely expected to leave rates unchanged Wednesday but the market is fully pricing in a rate rise by September as oil prices rally on the recent escalation in the U.S.-Iran conflict. The DXY dollar index falls 0.1% to 101.009, having reached a one-week high of 101.210 Tuesday.(renae.dyer@wsj.com)

0555 GMT - There is increasing focus on the outright level for government bond yields, such as the 30-year U.S. Treasury yield, Danske Bank's Kristoffer Kjaer Lomholt says in a note. The 30-year Treasury yield is trading above 5% "and this is becoming more persistent," the director in fixed income and FX research says. The escalation of the war in the Middle East, where the Houthis hit two Saudi oil tankers in the Red Sea, and the subsequent rise in the oil price with Brent approaching $100 per barrel, is adding pressure on inflation ahead of next week's Federal Reserve FOMC meeting, he says. The 30-year Treasury yield trades 0.2 basis points higher at 5.149%, near a two-month high, according to Tradeweb. (emese.bartha@wsj.com)

(END) Dow Jones Newswires

July 23, 2026 04:16 ET (08:16 GMT)

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