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

0858 GMT - BP is targeting safe, reliable, cost-efficient operations every day, CEO Meg O'Neill writes on her 100th day leading the British energy major. "Safety comes first, always," she writes. The company was found grossly negligent in the 2010 Deepwater Horizon oil-spill disaster and suffered a fire at an Ohio refinery that killed two workers in 2022. BP is targeting a strong performance, delivered consistently, every quarter, she adds. "I want us to be the most 'predictable' company out there," she says. Her other two priorities are sharper accountability and strong cost and capital discipline. Shares fall 1.6% to 483.25 pence. (adam.whittaker@wsj.com)

0854 GMT - The cost of default protection for euro-denominated credit falls as risk appetite improves after oil prices turn lower. Oil prices jumped on Wednesday after President Trump said that the Iran ceasefire was over. Traders are likely to remain cautious given the uncertainty around the U.S.-Iran conflict, ActivTrades Ricardo Evangelista says in a note. The iTraxx Europe Crossover index of euro high-yield credit default swaps falls 5 basis points to 246bps, S&P Global Market Intelligence data show. (miriam.mukuru@wsj.com)

0842 GMT - Emerging-market economies are forecast to grow at around 3.3% in 2026, a considerable decline from 4.2% growth in 2025, CreditSights' Regis Chatellier says in a note. The impact of the Middle East conflict has been more pronounced on emerging-market economies excluding China, he says. Higher energy prices contributed to a slowdown in business activity in these economies in the second quarter of 2026, Chatellier says. "Economic activity in Eastern Europe is expected to remain subdued due to declining exports - particularly in the automotive sector." (miriam.mukuru@wsj.com)

0807 GMT - British energy major Shell should deliver exceptional second-quarter cash flow, which could return its quarterly buyback to $3.5 billion for a period, Berenberg analysts write. In May, it launched a $3 billion buyback. The cash flow will be driven by oil and gas trading, higher commodity prices and strong refining margins, they write. Shell shares have underperformed European peers in the past month and the pullback offers an attractive entry point for investors, they write. Shares fall 0.9% to 3,053 pence.(adam.whittaker@wsj.com)

0759 GMT - Sterling rises to a one-year high against the euro and a three-week high versus the dollar as renewed U.S.-Iran tensions boosts expectations that the Bank of England could raise interest rates in response to elevated oil prices. The oil price shock is reinforcing the BOE tightening story, Monex Europe analysts say in a note. "The U.K. inflation problem remains more persistent than in the U.S. or the euro area," they say. The gains also follow a recent easing in U.K. political concerns and the International Monetary Fund upgrading its U.K. growth outlook. Sterling rises to as high as $1.3430 and the euro falls to a low of 0.8516 pounds, LSEG data show. (renae.dyer@wsj.com)

0739 GMT - London's miners rise in opening trade after sliding Wednesday following President Trump saying a ceasefire deal with Iran was over. This caused oil prices to jump and revived inflation fears, hitting sentiment and dragging on gold prices. On Thursday, gold prices climb back above $4,100 a troy ounce after Wednesday's selloff, with New York futures up 0.7% to $4,112.10. Gold and silver miner Hochschild Mining rises 3% while peers Fresnillo and Endeavour Mining both increase around 2%. Diversified mining stocks also rise. Glencore and Anglo American climb roughly 3%. Copper miner Antofagasta gains around 3.8%.(adam.whittaker@wsj.com)

0732 GMT - Yields on eurozone government bonds and U.K. government bonds, or gilts, fall, reversing some of their steep rise the previous day as oil prices turn lower. Government bond yields rose to multi-week highs on Wednesday due to concerns about high energy prices and inflation risk after President Trump announced that the Iran ceasefire was over. Oil prices jumped but ease back slightly on Thursday. Ten-year German Bund yields fall 1.8 basis points to last trade at 3.067%, Tradeweb data show. Ten-year gilt yields fall 3.1 bps to 4.935%. (miriam.mukuru@wsj.com)

0731 GMT - Nordex's new orders came in ahead of consensus and shares should react positively, Berenberg analysts say in a note. Order momentum for the German wind turbine maker has picked up, helped by Europe as well as a restart in U.S. orders, analysts Richard Dawson and Scott Humphreys write. "We think that Germany will remain a key driver of orders, following elevated auction levels, while the U.S. will start to contribute further as Nordex aims to rebuild market share in the country," the analysts say. Nordex trades 3.3% higher at 41.86 euros. (sarah.sloat@wsj.com)

0719 GMT - Bitcoin rises modestly but remains stuck within its recent narrow range amid uncertainty over the Iran war and the U.S. interest-rate path. The U.S. and Iran exchanged fire again on Wednesday after President Trump said the ceasefire was over. However, Trump later said Iran had called him seeking a deal. Investors are also weighing the Federal Reserve's latest meeting minutes which showed policymakers were split over the future course of rates. "While much of the committee agreed that inflation would cool as energy prices fell and one-off tariff impacts subsided, there were some worries of persistent underlying price pressures," Deutsche Bank analysts say in a note. Bitcoin rises 1.2% to $62,819, LSEG data show. (renae.dyer@wsj.com)

0631 GMT - Oil prices tick lower after rising earlier in the session, with Brent crude down 0.2% to $77.85 a barrel and WTI futures slipping 0.3% to $73.30 a barrel. The U.S. and Iran exchanged fire again, hours after President Trump declared an end to the eight-week ceasefire. The renewed escalation threatens to slow Gulf producers' efforts to restore output and undermine confidence in shipping through the Strait of Hormuz, where traffic had recently begun to recover. "The past few days' price action makes one thing clear: markets were far too relaxed about the risks surrounding the deal - and far too bullish on how quickly regional supply could rebound," analysts at ING say. Adding to supply concerns, particularly in middle distillates, Russia announced a ban on diesel exports until the end of July in response to domestic fuel shortages following continued Ukrainian drone attacks on refinery infrastructure. (giulia.petroni@wsj.com)

0622 GMT - A renewed energy price shock would likely put further pressure on the short end of the German Bund yield curve, Metzler analysts Leon Ferdinand Bost and Uwe Hohmann say in a note. However, they see the upside potential for two-year German bond yields as limited at current levels. "They have significantly lagged behind the drop in oil prices, meaning we are already trading near yearly highs," the analysts say. They find 10-year Bund yields above 3% attractive, even in a negative scenario.according to Tradeweb. Shortly after market open, the two-year Schatz yield falls 1.8 basis points to 2.681%, while the 10-year Bund yield declines 1.9 basis points to 3.065%, according to LSEG. (emese.bartha@wsj.com)

0548 GMT - U.S. Treasury yields look to stabilize in Asian trade after hitting multiweek highs Wednesday, prompted by President Trump's announcement that the ceasefire with Iran was over. "Markets have, however, seemingly stabilized for now, with Brent oil hovering around $79 per barrel and U.S. yields and German bond futures are moving sideways in Asia overnight," Danske Bank analyst August Hyldgaard says in a note. The 10-year Treasury yield last trades 0.2 bps higher at 4.567%, below Wednesday's intraday high of 4.597%, according to Tradeweb. Brent oil last trades 1.1% higher at $78.89 per barrel. (emese.bartha@wsj.com)

(END) Dow Jones Newswires

July 09, 2026 04:58 ET (08:58 GMT)

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