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

1436 ET - Oil futures continue higher after President Trump said the U.S. will step up economic pressure on Iran, including consequences for countries that do business with Iran. "I'm not sure why oil has popped up on this," Treasury Secretary Scott Bessent told CNBC. "If we are doing maximum economic pressure then that means that likely there will not be a large-scale kinetic restart." Oil prices have been rising the past two weeks as the market sees no progress toward an agreement and shipping through the Strait of Hormuz remains limited. Brent is up 2% at $93.48 a barrel and most active WTI gains 2.5% to $86.50.(anthony.harrup@wsj.com)

1052 ET - U.S. natural gas inventories saw their smallest increase so far in the current injection season, trimming the surplus over the five-year average, EIA data show. Gas in underground storage rose by 16 billion cubic feet last week to 3,169 Bcf, which was 185 Bcf above the five-year average and 28 Bcf below the year-earlier level. The injection was smaller than the five-year average build for the week of 29 Bcf, and reduced the surplus from 198 Bcf the week before. Natural gas futures are off 3.1% at $2.727/mmBtu as a small storage increase was widely expected. Analysts in a Wall Street Journal survey had predicted a build of 18 Bcf.(anthony.harrup@wsj.com)

1047 ET - Tensions between Saudi Arabia and the United Arab Emirates are increasingly spilling into the economic sphere, says Jason Tuvey, deputy chief emerging markets economist at Capital Economics. Saudi Arabia's tighter oversight of financial transactions involving the U.A.E. is best viewed through the broader geopolitical tensions between the two countries, rather than solely through concerns over Emirati ties with Iran, he says. Tuvey expects the direct economic impact on Saudi Arabia and the U.A.E. to remain relatively small even if restrictions broaden, but says the consequences could be larger elsewhere in the region as the two countries compete for influence. (farhan.rafid@wsj.com)

1046 ET - A lack of progress in ending the U.S.-Iran war is giving crude oil prices a boost, rising 1.8% to $87.36 a barrel. This is giving CBOT corn futures support as well, with the tie being ethanol and renewable fuels. "Volatility likely remains elevated, but over time, higher prices are looking more likely," says Doug Bergman of RCM Alternatives in a note, also pointing out at the Russia-Ukraine war strangling shipments out of the Black Sea is lifting grain prices, wheat in particular. CBOT corn is up 1.3%, while soybeans are up 0.1% and wheat rises 0.9%. (kirk.maltais@wsj.com)

1039 ET - Qatar leads most major Gulf stock markets lower as investors weigh heightened tensions between Washington and Tehran. Qatar's QE Index falls 0.9% and Abu Dhabi's benchmark index declines 0.7%, though Saudi Arabia's Tadawul All Share Index gains 0.3%. President Trump has threatened a major new economic campaign against Iran and countries or entities that continue doing business with Tehran, as frustration mounts over the lack of progress toward reopening the Strait of Hormuz or reaching a deal to end the war. Trump hasn't specified what additional measures Washington plans beyond existing sanctions. (farhan.rafid@wsj.com)

1002 ET - The Swedish krona falls to a near four-week low against the euro as the Riksbank's policy decision Thursday didn't provide any new information, Commerzbank's Michael Pfister says. Sweden's central bank left rates unchanged at 1.75% and said a rate rise later this year remains a possibly, but this "essentially reiterated what they said last time," he says. "Some market participants were hoping for two rate hikes this year, this is probably now off the table." Moreover, higher oil prices and risk aversion are probably weighing on the krona amid ongoing U.S.-Iran tensions, he says. The euro rises 0.6% to a high of 11.0877 krona, LSEG data show. (renae.dyer@wsj.com)

0912 ET - Maersk and Hapag-Lloyd appear fairly priced for sustained higher freight rates, Deutsche Bank analyst Harishankar Ramamoorthy writes. Container shipping companies posted strong second-quarter results, as they benefited from the high rates. Deutsche Bank says the key question now is how long could freight rates remain elevated. "We believe the rest of 2026 could see higher rates prevail, but incremental supply in 2027 and a potential Red Sea reopening should be headwinds." The bank retains its hold rating on both Maersk and Hapag-Lloyd. It raises its Maersk target price to 17,123 Danish kroner from 14,030 kroner, and raises its Hapag-Lloyd target to 117 euros from 114 euros. Maersk shares fall 0.1% to 20,720 kroner, Hapag-Lloyd shares fall 1.8% to 133.70 euros. (dominic.chopping@wsj.com)

0907 ET - U.S. natural gas futures are lower ahead of the EIA's weekly inventory data due at 10:30 a.m. ET, which are expected to show a smaller-than-average injection into storage. "After last week's bearish EIA storage surprise, however, last week's hot weather and a potential 'make-up' create chances for a bullish figure relative to a 13 Bcf-19 Bcf consensus," Eli Rubin of EBW Analytics says in a note. "While South Central heat is supportive of natural gas prices, the sharp CDD [cooling degree day] retreat into the end of summer nationally may yield near-term softening." Nymex natural gas is down 1.8% at $2.764/mmBtu.(anthony.harrup@wsj.com)

0853 ET - Oil futures extend their rally after President Trump said the U.S. will impose unprecedented economic measures on Iran, with economic consequences for any country that allows any type of lifeline to Iran. Financial support for Iran basically means buying their oil, and that would involve China, Scott Shelton of TP ICAP says in a note. "I worry a bit about unintended consequences, however, as this could mean the Chinese buy even less total oil from the market, cut runs even more, and export even less." Most-active WTI is up 3.6% at $87.43 a barrel and Brent rises 3.1% to $94.47. (anthony.harrup@wsj.com)

0736 ET - Oil prices extend earlier gains, with Brent crude rising above $94 a barrel. Concerns about stalled talks to reopen the Strait of Hormuz and end the Iran war have pushed the geopolitical risk premium higher, with President Trump saying Wednesday that he would launch a major economic campaign against Tehran and any entity that does business with the regime. In early U.S. trade, Brent climbs 2.8% to $94.23 a barrel, while WTI futures are up 3.2% to $87.07 a barrel. (giulia.petroni@wsj.com)

0655 ET - Middle East crude exports fell sharply last week, with flows averaging 6 million barrels a day through Aug. 16, down 2.2 million barrels a day from the previous week, according to Morgan Stanley. Tanker traffic through the Strait of Hormuz has weakened further. Outbound energy-vessel transits are averaging just four a day this week, down from six last week, while inbound traffic has held at six. Both remain far below preconflict levels of 25 to 30 vessels a day in each direction. Alternative routes are offering limited relief. Saudi Arabia's Yanbu port crude loadings remain around 2 million barrels a day, with most cargoes moving north through the Sumed pipeline. Flows through Bab el-Mandeb strait are below 1 million barrels a day, though Morgan Stanley says those figures could be revised in the coming days due to so-called "dark transits." (giulia.petroni@wsj.com)

0518 ET - British company Ithaca Energy can return more to shareholders even after raising its full-year dividend guidance, BofA analyst Cian Evans-Cowie writes. The company will now target a dividend of $500 million to $530 million, from $470 million to $520 million. Higher production from organic growth projects and a cashflow-linked payout policy could push the dividend higher, he says. Shares rise 2.5% to 264 pence.