The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1213 ET - The Supreme Court's rejection of President Trump's tariffs is "welcome news" that could provide more stability for companies, Oil States International Chief Executive Cindy Taylor says on an analyst call. Oil States, which manufactures engineered equipment and provides field services for the oil and gas industry, will have a more predictable cost structure and regain some of its competitive edge with the absence of tariffs, Taylor says. The tariff rate on certain Oil States goods increased from 25% to 98% in mid-2025, she says. "With weaker market in the US and a lot of competition that came into the market, it was very hard to pass those costs on to our customers," says Taylor. Oil States International surges 13%.(katherine.hamilton@wsj.com)

0901 ET - Oil futures are lower but on track for weekly gains on rising expectations of U.S. military action against Iran, even as President Trump allows some more days for talks seeking a deal with Tehran. "On the one hand, military actions could be imminent," Citi's Anthony Yuen says in a note. "On the other hand, bringing the situation to the brink could be a negotiation strategy, although market pricing in oil does not seem to be reflecting this as much." Citi's bull case for Brent around $75 a barrel reflects supply risks in Iran and Russia, but not the closure of the Strait of Hormuz. If any conflict with Iran escalates into transit disruptions in the strait, oil prices would likely rise further, Yuen adds. March WTI is off 0.4% at $66.18 a barrel. Brent is down 0.4% at $71.40. (anthony.harrup@wsj.com)

1530 ET - Oil futures settle at their highest level since last summer as trader expectations of U.S. military action against Iran increase, raising concerns about eventual oil-flow disruptions. President Trump said a decision will likely be made over the next 10 days, while the U.S. still looks to reach a deal with Iran. U.S. inventory data added support to prices, with the EIA reporting an unexpected 9 million barrel crude stock draw for last week. "This surprisingly bullish data adds to an already red-hot crude oil market amid rising tensions between the U.S. and Iran," Mike Castle of StoneX says in a note. WTI and Brent settle up 1.9% at $66.43 and $71.96 a barrel, respectively. (anthony.harrup@wsj.com)

(END) Dow Jones Newswires

February 20, 2026 12:20 ET (17:20 GMT)

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