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

1046 GMT - Recently-released data suggest the U.K. economy is more resilient than expected, UBS Global Wealth Management's Dean Turner says in a note. Last week's GDP data showed the economy expanded by 0.4% in the second quarter, following 0.6% growth in the first quarter. Although the data show slow growth, "it is a remarkable achievement in the face of a renewed energy shock, elevated interest rates, and a revival in inflation concerns," Turner says. The data show the U.K. economy is expanding steadily, rather than facing a looming recession, he says. (miriam.mukuru@wsj.com)

0927 GMT - Maersk has made faster-than-usual adjustments to its contract rates to reflect higher fuel costs, while it has increased its volumes based on spot rates, UBS analyst Cristian Nedelcu writes. Combined with persistently high freight rates, this supports higher profit forecasts, he adds. UBS forecasts 2026 Ebitda of $15.2 billion versus company guidance of $10.5 billion-$12.5 billion. The bank lifts its 2027 Ebitda forecast to $7.7 billion, reflecting higher first-quarter 2027 estimates and slightly higher peak profits next year. "While our estimates imply upside risk for another FY26 guidance increase, we believe the current high rate environment is temporary." UBS lifts its price target to 17,800 Danish kroner from 15,500 kroner and maintains its neutral rating. Shares rise 4.4% to 21,610 kroner. (dominic.chopping@wsj.com)

0907 GMT - Oil prices retain a substantial risk premium as Iran and Oman move closer to an agreement over managing the Strait of Hormuz, MUFG's Soojin Kim writes. The U.S. isn't involved in these discussions and continues to demand unrestricted passage through the waterway, she adds. The U.S. is also preparing additional economic tools to wield against Iran, which itself is reportedly strengthening its military capabilities and regional alliances, Kim adds. Overall, continued geopolitical uncertainty and risks to key routes keep a substantial risk premium embedded in crude prices, she says. In mid-morning European trade, Brent crude futures rise 0.4% to $88.86 a barrel while WTI moves 0.1% up to $78.60 a barrel.(adam.whittaker@wsj.com)

0852 GMT - The U.S. dollar falls to a 10-week low against a basket of currencies as markets scale back expectations for U.S. interest-rate rises, while Treasury yields also decline. Recent weak U.S. jobs and retail sales data, combined with subdued inflation prints, have prompted investors to scale back rate-rise bets. Still, falls could be limited if Middle East uncertainty and consequent inflation worries persist, BankPro's Paolo Broccardo says in a note. Any escalation in tensions could revive demand for safe havens, supporting the dollar while driving oil prices higher and lifting yields, he says. The DXY dollar index falls 0.3% to 99.294, its lowest since early June. The 10-year U.S. Treasury yield declines 2 basis points to 4.677%, according to Tradeweb. (emese.bartha@wsj.com)

0844 GMT - Oil prices are mixed in early European trading, with WTI futures down 0.4% at $82.06 a barrel while Brent futures rise 0.3% to $88.81. Prices remain supported by renewed fighting in Lebanon and attacks on vessels in the Strait of Hormuz, which are raising concerns over regional supply disruptions and complicating prospects for a U.S.-Iran deal, analysts at ING say. Speculative positioning has also turned more bullish, with money managers increasing their net long position in ICE Brent by 76,026 lots to 240,748 lots, the largest bullish position since early June, according to ING. (farhan.rafid@wsj.com)

0808 GMT - Maersk has recorded a strong freight-rate performance this year, especially in the second and third quarter, Citi analyst Arthur Truslove writes. The bank increases its 2026 Ebitda forecast to $11.86 billion from $9.8 billion after management raised its Ebitda guidance to $10.5 billion-$12.5 billion from $8 billion-$10 billion. Citi retains its neutral rating on the stock and lifts its target price to 20,864 Danish kroner from 17,543 kroner. Shares rise 4.6% to 21,650 kroner. (dominic.chopping@wsj.com)

0752 GMT - Hapag-Lloyd recently reported second-quarter results, on the back of which Citi has raised its forecasts. The bank expects stronger freight rates and demand to offset higher fuel costs. Citi models a 16% quarter-on-quarter increase in third-quarter freight rate with EBIT at $941 million. Citi's 2026-27-28 EBIT forecast stands at $1.25 billion, $35 million and a loss of $480 million respectively, above company 2026 EBIT guidance of $100 million to $1.1 billion, reflecting the improved rate and demand environment. Consensus EBIT stands at $821 million for 2026, a loss of $63 million in 2027 and a loss of $149 million in 2028. The bank retains its sell rating on the stock and lifts its target price to 115 euros from 101 euros. Shares rise 3.8% to 137.40 euros. (dominic.chopping@wsj.com)

0728 GMT - Eurozone government bond yields are likely to react most to flow, oil and bond supply than they are to European Central Bank rate pricing until Friday's release of flash purchasing managers indices, Mizuho says in a note. The PMI data will provide "the next proper macro check," it says. Pricing at the shorter end of the yield curve should stay relatively stable, but the longer end still looks vulnerable if global yield curves keep steepening, Mizuho says. (emese.bartha@wsj.com)

0715 GMT - Bitcoin rises as a paring of U.S. interest-rate rise expectations supports risky assets. However, bitcoin's gains are limited amid ongoing uncertainty over the U.S.-Iran conflict, with a deadline to reach a peace deal having passed without any plans announced. Uncertainty over crypto regulation also remains an "important restraint," Zaye Capital Markets analyst Naeem Aslam says in a note, referring to digital assets bill Clarity Act having stalled in the U.S. Senate. Bitcoin's outlook depends on whether improving liquidity and institutional access can overcome regulatory delays and short-term exchange traded fund outflows, he says. Bitcoin rises 0.9% to $63,605, LSEG data show.(renae.dyer@wsj.com)

0706 GMT - Eurozone government bond yields trade stable even as U.S. Treasury yields fall, as high energy prices remain a key factor in Europe with no progress in the Middle East. "Hopes of a deal between U.S. and Iran are fading as U.S. is set to announce measures for Iran's economic isolation this week," Jefferies' Mohit Kumar says in a note. There is no input from the economic data side, nor from any supply. The 10-year Bund yield is stable at 3.20%, according to LSEG data. (emese.bartha@wsj.com)

0702 GMT - Comex gold futures' bullish setup is still intact, based on the daily chart, RHB Retail Research's Aiman Kamil Bin Ahmad Shauqi says in a report. The commodity's fresh bullish candlestick pattern posted on Friday suggests selling pressure has tapered, the analyst notes. Since bulls have returned to the "driver's seat," the precious metal could resume its bullish trajectory toward initial resistance at $4,650 per ounce, the analyst says. Also, both 20- and 50-day simple moving averages continue to trend upward, providing support for the bullish technical setup, the analyst adds. Spot gold is 0.6% higher at $4,402.64 per ounce. (ronnie.harui@wsj.com)

0539 GMT - U.S. Treasury yields decline across maturities, though stay at elevated levels, as Brent oil is largely stable, while market expectations of Federal Reserve interest-rate hikes are weakening. "Expectations of Fed hikes are being reduced," Danske Bank's Filip Andersson says in a note. The market is currently pricing in 35 basis points of Fed rate hikes for the next 12 months, less than Danske's call of two hikes of 25 basis points each. The Middle East situation remains fluid, with little progress in talks to reopen the Strait of Hormuz. The two-year Treasury yield falls 1.5 basis points to 4.155%, while the 10-year yield is down 1.4 basis points at 4.681%, according to Tradeweb.