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

1017 GMT - Investors expect the Brent crude oil price to average at a higher level by year-end than in July, Bank of America's August global fund manager survey shows. Investors in the survey expect Brent oil to trade at $76 per barrel in a weighted average forecast by year-end, up from July's forecast of $71 per barrel, it says. Brent currently trades at $91.04, up 0.2% on the day. (emese.bartha@wsj.com)

0958 GMT - BHP's full-year results underline new CEO Brandon Craig's promising start, head of markets at AJ Bell, Dan Coatsworth, writes. Copper has driven the miner's performance and has helped deliver a healthy increase in the dividend, he adds. The market will be watching BHP's M&A ambitions closely after Craig's predecessor, Mike Henry, attempted to merge with Anglo American, Coatsworth says. BHP's London shares rise 0.4% to 3,256 pence. (adam.whittaker@wsj.com)

0933 GMT - British energy company BP could resume buybacks in 2027 as it cuts debt and shores up its balance sheet, Berenberg analysts write. The company will retain its focus on paying down net debt via disposals, they say. The analysts expect more than $6 billion in additional disposal proceeds in 2027, which could give it cash for buybacks, they say. Under current oil and gas price assumptions, Berenberg expects $500 million in quarterly buybacks from the second quarter of 2027, the analysts say. This would deliver a full-year buyback of $1.5 billion for 2027. Shares rise 1.7% to 528.30 pence. (adam.whittaker@wsj.com)

0857 GMT - Markets raise their bets on the possibility of the Bank of England increasing interest rates in 2026. The extended U.S.-Iran war is raising concerns about a prolonged energy supply shock contributing to high global inflation. "Higher oil prices feed into headline [inflation] through gasoline and energy costs, but the bigger issue is second-round risk," Tickmill Group's Patrick Munnelly says in a note. Investors price in a total of 30 basis points of BOE rate rises in 2026, up 5 basis points from last week's pricing, LSEG data show. (miriam.mukuru@wsj.com)

0854 GMT - A weak U.K. jobs market questions the need for rate hikes from the Bank of England, says James Smith at ING. Hiring in the private sector continues to struggle following last year's tax and minimum wage hikes, he says. "Consumer-facing industries are seeing the sharpest falls in payroll employment." Meanwhile there is little sign that wage growth is about to turn higher. "If the U.K. economy really is picking up speed--as last week's GDP data tentatively hints--then there's little sign of it in the jobs market," Smith says. ING expects the BOE to keep rates on hold until next spring before cutting at least twice in 2027, barring a severe and prolonged rise in energy prices. (don.forbes@wsj.com)

0854 GMT - The euro could struggle to rise against the dollar in the near term given higher energy prices and uncertainty ahead of the Federal Reserve's meeting minutes on Wednesday, ING's Chris Turner says in a note. The euro's rally on Monday stalled just above $1.16 and investors will be reluctant to push it much higher, he says. "Despite recent positive economic surprises in the eurozone, the fact that natural gas prices are close to their highs for the year merits some caution." The euro falls 0.1% to $1.1572 after rising to a two-month high of $1.1614 Monday, LSEG data show, driven by reduced U.S. interest rate rise expectations. ING expects it the euro to trade in a $1.1520-$1.1580 range Tuesday.(renae.dyer@wsj.com)

0811 GMT - South Korean shipping company HMM's earnings could come under pressure, as the global container shipping market is expected to face worsening oversupply from 2027, KB Securities' Kang Seong-jin and Kim Ji-yun say. Fears that fleet supply could exceed cargo demand through 2029 are weighing on investor sentiment, the analysts write in a note. Container ships scheduled for delivery amount to 3.31 million twenty-foot equivalent units in 2027, 5.25 million TEUs in 2028 and 3.78 million TEUs in 2029, they add. That would be equivalent to 9.8%, 15.6% and 11.2%, respectively, of the current global container fleet's total capacity. KB expects HMM's operating profit to fall 23% this year. (kwanwoo.jun@wsj.com)

0752 GMT - Sterling could extend its losses after data Tuesday showed the U.K. jobs market remains cool and wage pressures subdued, suggesting little impetus for the Bank of England to raise interest rates this year, ING's Chris Turner says. Money markets continue to price 60 basis points of BOE rate rises into next year, LSEG data show. "That should slowly be priced out over the next three to six months, although energy prices will have a big say on timing," Turner says in a note. The July U.K. inflation report is due Wednesday where a lower services number would also argue against rate rises, he says. The euro rises 0.1% to 0.8556 pounds and ING sees it potentially reaching 0.8570-0.8580. (renae.dyer@wsj.com)

0749 GMT - Equinor's deal to acquire 87.7% of the Lackawanna gas-fired power plant in Pennsylvania for $940 million increases the company's exposure to the rapidly growing U.S. electricity market, SB1 Markets analyst Teodor Sveen-Nilsen writes. The deal strengthens Equinor's integrated power strategy by combining power generation with its own significant gas operations in the Appalachian Mountains, he says. The market is supported by rising demand from electrification, data centers and industrial operations, he adds. "We view the acquisition of Lackawanna as neutral to positive, but believe that the Equinor share is fully valued unless a long-term oil price of $85-$90 per barrel is assumed." The bank reiterates its neutral rating on the stock with a 365 Norwegian kroner target price. Shares rise 1.6% to 394.20 kroner. (dominic.chopping@wsj.com)

0742 GMT - The Japanese yen falls to a two-and-a-half-week low against the dollar as oil prices rise on renewed concerns about U.S.-Iran tensions. President Trump said he isn't seeking an extension of the 60-day U.S. ceasefire with Iran which expired Monday. He also threatened to bomb Oman as he claimed the Gulf nation might be standing in the way of a peace deal. Low foreign-exchange market volatility continues to weigh on the yen as this boosts demand for carry trades, where investors borrow in a low-yielding currency to invest in a higher-yielding one, ING's Chris Turner says in a note. The dollar rises as high as 159.77 yen, LSEG data show. (renae.dyer@wsj.com)

0734 GMT - Brent crude rises above $90 a barrel as prospects for a near-term peace deal to reopen the Strait of Hormuz fade. In early European trading, the global oil benchmark is up 0.1% to $91.04 a barrel, while WTI futures gain 0.5% to $84.95 a barrel. "President Trump indicated little interest in extending the expired agreement with Iran, while major differences remain over Hormuz," says Soojin Kim from MUFG. Meanwhile, shipping security risks remain. Yemen's Iranian-allied Houthi rebels are escalating attacks along the country's Red Sea coast, pushing closer to the key Bab al-Mandeb Strait. (giulia.petroni@wsj.com)

0734 GMT - Yields on U.K. government bonds, or gilts, climb, tracking rises in Treasurys and other developed-market peers, due to increasing concerns about a prolonged U.S.-Iran conflict. Fears about extended energy-supply shocks and high oil prices are intensifying inflation worries. This causes markets to expect that central banks could have to raise interest rates and raises concerns about potential long-term economic damage. U.K. 30-year gilt yields hit a 3-month high of 5.848%, LSEG data show. Ten-year gilt yields hit a 3.5-week high of 5.095%.