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

2147 ET - Elevated oil prices, with a 1H 2027 forecast of $80/bbl, should support Petronas' earnings and potentially lift domestic offshore capital expenditure, CIMB Securities analyst Muhammad Afif Bin Zulkaplly says in a note. Sustained prices could improve upstream project economics, encourage higher development spending, while greater cash-flow visibility may prompt operators to resume deferred brownfield and asset-integrity work, he says. Maintenance activity could therefore strengthen as oil prices stabilize, he adds. CIMB pegs Dayang Enterprise and MISC as top picks for their exposure to domestic capital expenditure and large-cap exposure, respectively. It keeps an overweight rating on Malaysia's oil and gas sector. (yingxian.wong@wsj.com)

2125 ET - SK Innovation could get an earnings boost from its resilient refinery margins and a ramp-up of its energy storage system business, Daiwa Capital's Hen Jung and Yoonki Base say. The South Korean energy company's oil-refining business remains strong, as Middle East conflicts keep both crude prices and refining margins elevated, the analysts note. Its battery subsidiary, SKI On, is on track for a profit turnaround after the parent completed restructuring of its battery and materials businesses, they say, citing a recent deal to supply 9GWh of ESC battery cells in the U.S. Daiwa raises its 2026-2028 EPOS forecasts for SKI Innovation by 11%-67%. It raises the stock's rating to buy from hold and its target to 220,000 won from 120,000 won. Shares were last at 134,100 won.(kwanwoo.jun@wsj.com)

2002 ET - Coal port owner Dalrymple Bay Infrastructure is upgraded by Morgans to accumulate from hold, after its stock fell around 15% from the June high. Analyst Nathan Lead expects DBI to pay out a dividend of 28.6 Australian cents per share in FY27, in quarterly installments. Morgans also notes that DBI's Ebitda growth is underpinned by CPI-linked base charges and incremental earnings on commissioned NECAP projects--categorized as non-expansionary capital expenditure. "DBI may appeal to investors seeking dependable and growing yield and defensive elements for their portfolio," Morgans says. DBI ended Tuesday at A$5.13, below Morgans' A$5.47/share price target. (david.winning@wsj.com; @dwinningWSJ)

1936 ET - Oil rises in early Asian trade amid growing U.S.-Iran hostilities. The U.S. and Iran exchanged fire Tuesday as they continued to battle for control of the Strait of Hormuz, a key waterway through which one-fifth of the world's oil is transported. The "fresh U.S. attacks on Iran raised concerns about prolonged disruptions to supply," ANZ Research analysts say in a research report. Shipping "activity has stopped increasing and appears insufficient to prevent the decline in overall Persian Gulf exports and oil flows," the analysts add. Front-month WTI crude oil futures are 0.5% higher at $90.70 per barrel. (ronnie.harui@wsj.com)

1917 ET - Australian mining and metals companies on the whole reported solid earnings--their highest in five years, says RBC Capital Markets. Gold and lithium producers posted record profits while higher copper prices increased earnings for Sandfire and diversified miners BHP, Rio Tinto and South32, the broker says following the recent reporting season. It says dividends for the sector came in 13% above expectations, underpinned by dividend reinstatements. "However, the sting in the tail for the metals and mining sector is higher FY27 cost guidance particularly for the gold and iron ore producers," it says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1826 ET - Ampol has plenty of tailwinds right now and management is doing well to capitalize on supportive conditions. But the stock is up roughly 1/3 in two months, and Jefferies believes now is the right time to take a breather. "After sharp outperformance, stock is on 16.5x mid-cycle price-to-earnings, making it harder to chase," says analyst Michael Simotas, downgrading Ampol to hold from buy. Jefferies finds all of Ampol's businesses are performing strongly. Geopolitical factors are difficult to predict, but it expects refined product markets to remain tight, supporting continued out-sized cash generation for the foreseeable future. Ampol ended Tuesday at A$43.80, just below Jefferies's A$45.00/share price target. (david.winning@wsj.com; @dwinningWSJ)

1823 ET - Australian stocks look set to follow U.S. equities lower after military strikes around the Strait of Hormuz caused a spike in oil futures and bond yields. ASX futures are down by 0.9% ahead of Wednesday's session, suggesting that the S&P/ASX 200 is on course for a third consecutive decline. The benchmark index has lost 0.4% so far this week amid growing expectations that the country's central bank will resume interest-rate rises later this month. Shares including in Origin Energy, Seek, PLS and Downer EDI will trade ex-dividend Wednesday. In the U.S., the DJIA fell 0.8%, the S&P 500 shed 0.7%, and the tech-heavy Nasdaq Composite dropped 1%. (stuart.condie@wsj.com)

1552 ET - Mexico's pipeline imports of U.S. natural gas were a record near 7.9 billion cubic feet a day in August, with gas for electricity generation in Mexico last month at an all-time high 5.8 Bcf/d, Wood Mackenzie says in a release. The firm projects that exports to Mexico have reached their 2026 peak. While volumes remain strong in early September, "Mexican gas and power markets are set to enter a gradual seasonal decline, driven by easing cooling loads, shoulder-season maintenance windows, and holiday-related demand softness." The medium-term trend remains upward, however, as Mexico continues expanding its fleet of combined-cycle power plants, Wood Mackenzie adds. (anthony.harrup@wsj.com)

1530 ET - U.S. natural gas futures end the session lower as the market remains well supplied despite late-summer heat extending into September. Production and LNG export activity are expected to see limited impact from Tropical Storm Edouard, which was making landfall along the Texas-Louisiana coast, although rain from the storm is seen lowering temperatures and cooling demand.Nymex natural gas for October delivery settles down 1.1% to $2.904/mmBtu. (anthony.harrup@wsj.com)

1512 ET - Oil futures rise sharply as the U.S. launches new strikes against Iranian targets and President Trump warns "they will be hit at a much harder and higher level" if Iran retaliates against the latest "justified attack." WTI settles up 5.2% at $90.22 a barrel, its highest close since July 23. "While the escalated conflict in the Middle East continues to slow Strait of Hormuz traffic, along with the continued global tightness in diesel fuel, the near-term path of least resistance for oil prices still looks higher," Dennis Kissler of BOK Financial says in a note. Brent rises 4.6% to $94.65 a barrel. (anthony.harrup@wsj.com)

1424 ET - Gold futures fall for a third straight session as a global bond selloff pushes yields up and the flare-up in the Middle East sends crude prices higher. The rise in oil prices raises concerns about inflation and implications for Fed interest-rate policy, particularly after Fed Chairman Kevin Warsh expressed concerns about inflation last week. Front month gold settles down 1.9% in New York at $4,348.00 a troy ounce. Silver falls 2.4% to $64.618 a troy ounce. (anthony.harrup@wsj.com)

1315 ET - Oil futures add to earlier gains as the U.S. military says it's carrying out more strikes on Iranian targets in response to Iranian attacks on ships and U.S. servicemembers in the Middle East. The renewal of military action has rekindled concerns about oil flows out of the Persian Gulf being choked off. WTI is up 4.3% at $89.43 a barrel after nearing $90 a barrel for the first time in over a month. Brent rises 3.9% to $93.89 a barrel.