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

1020 GMT - U.S. Treasury yields rise and the dollar edges up gher amid fresh tensions in the Middle East and higher oil prices. "Renewed tensions in the Strait of Hormuz, with a ship being attacked, sent oil prices higher and kept traders on watch for further developments," Empire FX's Crispus Nyaga says in a note. A re-escalation in tensions could support the dollar through safe-haven demand and raise concerns over inflationary pressure from higher energy costs, the analyst says. Meanwhile, the Federal Reserve's minutes of the June meeting, due Wednesday, could shape near-term expectations for both currency and bond markets, Nyaga says. The 10-year Treasury yield rises 1.4 basis points to 4.492%, according to Tradeweb. The DXY dollar index rises 0.1% to 100.971. (emese.bartha@wsj.com)

0937 GMT - German industrial data point to broad-based strength in the first two months of the second quarter, despite the jump in energy prices due to the Iran war, Pantheon Macroeconomics' Claus Vistesen says in a note. Industrial production climbed 0.9% on month in May, after a 0.2% increase in April. That puts German manufacturing on track for a decent second quarter, and signals upside risk to GDP growth, he says. Survey data has softened in recent months, with the manufacturing PMI and the IFO recent production index subdued in May and June. "But we still think that production rose over the second quarter as a whole," Vistesen says. (edward.frankl@wsj.com)

0932 GMT - Shell's second-quarter trading statement shows strong operational performance, which helps mitigate some of the impact of the Middle East conflict, JPMorgan's Matthew Lofting writes. The update will likely drive an upward revision to consensus expectations, he adds. The absence of 'loss-making' commentary around its chemicals unit will be welcomed while working capital inflows will help deleverage the balance sheet, he adds. Shares rise 2.8% to 2,994 pence.(adam.whittaker@wsj.com)

0819 GMT - London's miners fall in morning trade. Gold prices decline for a second day as attacks against two commercial ships near the Strait of Hormuz push oil prices higher and revive inflation concerns, MUFG's Soojin Kim writes. Higher interest rates typically hurt non-yielding assets like silver and gold. In New York, gold futures fall 0.7% to $4,139.40 a troy ounce while silver falls 1.7% to $61.26 an ounce. Precious metal miner Hochschild Mining drops 3% while peers Fresnillo and Endeavour Mining fall 2.2% and 1.5%, respectively. Diversified miner Anglo American slides 2.1%. (adam.whittaker@wsj.com)

0812 GMT - Despite surging energy prices from the Middle East conflict, German industrial production is proving resilient, ING's Carsten Brzeski says in a note. Industrial output rose 0.9% on month in May, from 0.2% in April. Some sectors seem to have benefited from the war, as Asian competitors were hit harder by the closure of the Strait of Hormuz, Brzeski says. Automotive production rose 3.6% on month, the data shows. The opening of the Strait, as well as easing geopolitical tensions, should help the German economy and move past recession fears, he says. "However, it won't be a huge boost but rather a mild tailwind. Despite some improvement, production expectations in industry remain weak, and order books are only very gradually filling up again." (edward.frankl@wsj.com)

0807 GMT - Gold prices fall as Iranian attacks against two commercial ships near the Strait of Hormuz revive concerns over inflation. "Overall, bullion remains rangebound as it attempts to shift from capitulation to consolidation, supported by softer U.S. data and a less hostile dollar and yield backdrop," analysts at Saxo Bank say. "However, with short-dated U.S. yields still signaling a risk of a rate hike later this year, a further easing in rate expectations is needed to support a more durable recovery." In early European trading, New York gold futures are down 0.7% at $4,138.50 a troy ounce. Traders now await the release of minutes from the Federal Reserve's June meeting for further guidance on the policy outlook. (giulia.petroni@wsj.com)

0802 GMT - Oil prices rise more than 1.5% as Iranian attacks on commercial vessels near the Strait of Hormuz highlight persistent security risks despite diplomatic efforts. In early European trade, Brent crude rises 1.6% to $73.10 a barrel, while WTI futures are up 1.5% to $69.60 a barrel after settling at prewar levels in the previous session. Still, analysts say the upside is likely to remain limited. "Saudi Arabia has cut its August official selling prices, OPEC+ continues to unwind production cuts, Gulf exports are recovering, and the physical market remains well supplied," says Soojin Kim from MUFG. (giulia.petroni@wsj.com)

0740 GMT - Germany appears to be weathering the Iran war, after an industrial pickup follows strong retail sales figures released last week, Capital Economics' Andrew Kenningham says in a note. Industrial production grew 0.9% on month in May, which with other data suggests the German economy may have expanded in the second quarter of the year. However, the rise in industrial output was mostly due to an increase in auto production, which is unlikely to be sustained given the challenges which this sector faces, Kenningham says. "While German manufacturing seems not to have been greatly affected by the Iran conflict, this does not change the reality that it is likely to shrink as a share of the economy over the medium term," he says. (edward.frankl@wsj.com)

0738 GMT - Bitcoin eases after reaching a two-week high overnight as its recent appreciation loses steam. The pullback comes as tech shares are under renewed pressure after Samsung's results failed to impress lofty expectations. Geopolitical concerns also flare up again after Iran's Islamic Revolutionary Guard Corps fired missiles at two commercial ships near the Strait of Hormuz early Tuesday, the WSJ reports, citing a U.S. official. Bitcoin falls 0.7% to $63,355 after hitting a high of $64,539 overnight, according to LSEG. Bitcoin's recent recovery reflects a trimming of U.S. interest-rate rise expectations after last week's weak U.S. jobs data, although markets still expect tightening by year-end.(renae.dyer@wsj.com)

0736 GMT - Shell's second-quarter update could push consensus net income expectations more than 10% higher, Jefferies analysts write. In the update, Shell raises integrated gas and upstream production guidance while reporting a better marketing and trading performance, they write. Shell's shares rise 2.35% to 2,981 pence.(adam.whittaker@wsj.com)

0646 GMT - TKMS's growth visibility has increased for the coming years after Canada chose the German ship and submarine builder as the preferred supplier for 12 conventional submarines, Deutsche Bank says in a note. The likely order means TKMS has converted all its outstanding major multi-billion contract opportunities, according to the bank. Recent order wins could take the company's order backlog to around 40 billion euros from 20 billion euros currently, giving TKMS growth visibility that differentiates it from peers, Deutsche Bank says. TKMS shares closed at 93.30 euros. (sarah.sloat@wsj.com)

0538 GMT - U.S. Treasury yields rise, driven by the long-end of the curve, causing the yield curve to steepen. Markets await Wednesday's release of the minutes of the Federal Reserve's June meeting, while Tuesday's data calendar is thin. Besides, investors are keeping an eye on how the fragile Middle East ceasefire is being implemented, with the market's focus on how the oil market is physically slowly recovering, SEB economist Marcus Widen says in a note. The two-year Treasury yield rises 0.8 basis points to 4.131%, while the 10-year yield is up 2 basis points at 4.498%, according to Tradeweb. (emese.bartha@wsj.com)

(END) Dow Jones Newswires

July 07, 2026 06:20 ET (10:20 GMT)

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