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

0654 GMT - Eurozone government bond yields open slightly higher as oil prices increase, while lower-than-expected headline U.K. inflation for June has little immediate impact. Brent is up 2% to $92.85 per barrel as hostilities in the Middle East continue. U.K. headline inflation decelerated to 2.6% in June from 2.8% in May, coming in below analysts' expectations of 2.7% in The Wall Street Journal's poll. The 10-year Bund yield rises 1.6 basis points to 3.180%, according to LSEG data. (emese.bartha@wsj.com)

0652 GMT - Despite a slowdown in June, inflation in the U.K. is set to rise again going forward, says Suren Thiru at The Institute of Chartered Accountants in England and Wales. "June's slowdown is a false dawn as it may have already been reversed this month with higher energy bills, following Ofgem's energy price cap rise, likely to have lifted inflation above 3%." Any second-round inflation effects from higher energy prices will likely be limited by a sluggish economy. But escalating tensions in Iran has put 4% inflation back on the table, Thiru says. Today's data has ended prospects of a rate hike by the Bank of England in June, but high inflation will likely become a more notable economic headache for the government, deepening the cost‑of‑living crisis, he says. (don.forbes@wsj.com)

0556 GMT - Norway's Equinor reports a solid operational quarter as it posts a small underlying beat to consensus expectations,RBC Capital Markets analyst Biraj Borkhataria writes. Most of the oil major's divisions report underlying earnings relatively close to expectations but cash flow from operations and gearing were better than expected, he adds. The call with management later Wednesday will likely focus on outlook for the Johan Sverdrup and Johan Castberg fields, he adds. Shares closed Tuesday at 364.40 kroner.(adam.whittaker@wsj.com)

0535 GMT - The renewed escalation in the Middle East fighting has pushed crude oil to five-week highs. That has seen the U.S. rates market almost fully retrace the dovish repricing that followed last week's softer inflation numbers, says Tony Sycamore, market strategist at IG Markets. Oil's unrelenting rise is increasing the chances of a hawkish Fed surprise next week, he adds. Markets are now pricing in around 50 basis points of Fed rate hikes by April 2027, including a roughly 25% chance of a 25 basis-point increase next week, he says. (james.glynn@wsj.com; @JamesGlynnWSJ)

(END) Dow Jones Newswires

July 22, 2026 02:54 ET (06:54 GMT)

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