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

0314 GMT - Iron ore prices are higher in early Asia trade, thanks to a temporary decline in port arrivals, pre-holiday restocking by steel mills and elevated freight costs, says Huatai Futures analysts. They note gains are likely to be capped by ample seaborne supply and weak mill profitability. China's iron-ore arrivals are sharply lower, while global shipments remain elevated, showing near-term supply is tighter but may recover into the next cycle, they say. Demand recovery appears limited by weak steel-mill margins. The most actively traded January iron ore contract on the Dalian Commodity Exchange is 1.5% higher at CNY745.5 a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0249 GMT - Zijin Mining's multimetal synergies should reinforce its earnings resilience, say DBS Group Research analysts in commentary. The Chinese miner is a key beneficiary of the broad-based rally across metals such as gold and copper, the analysts say. They expect the company to progressively restore its copper output through 2H as certain mines' production recover and ramp up. The lithium segment could also be a key contributor, with output expected to accelerate in 2H, the analysts say. DBS maintains its buy rating and target prices of 51.00 yuan for its Shanghai-listed shares and 55.00 Hong Kong dollars for its Hong Kong-listed shares, citing rising volume growth and high mining margins. Shares last at 33.07 yuan in China and HK$36.28 in Hong Kong. (megan.cheah@wsj.com)

0112 GMT - S-Oil is likely to benefit from lower official selling prices for Saudi crude, NH Investment & Securities' Y.K. Choi and S.W. Ryu say. The OSP for Asia-bound Arab light crude is set at $2 a barrel below the Oman/Dubai average for September and October after $1.5 a barrel below the average in August, continuing a longer-term downward trend, the analysts write in a note. That should help boost profit margins at the Saudi Aramco-controlled South Korean refiner, they say. The blockade of the Strait of Hormuz is prompting global oil imports to shift away from the Middle East, accelerating the region's loss of dominance in the global oil market, they add. NH raises its 2026 and 2027 operating-profit forecasts for S-Oil by 17% and 26%. (kwanwoo.jun@wsj.com)

2355 GMT - Australia's east‑coast energy market has exceeded expectations in weathering the rise in international gas prices this year, says Commonwealth Bank of Australia's Vivek Dhar. He says batteries, both utility‑scale and behind‑the‑meter, are the key reason. "As impressive as batteries have been in giving the east‑coast energy markets resiliency to international energy prices, the influx of utility‑scale batteries was a market‑driven reaction to low prices in the middle of the day and high evening peak prices," says Dhar. In the medium- to longer-term, the challenge of keeping electricity and gas prices contained remains, he says. That's because of projected annual east‑coast gas shortfalls by 2030, coal power retirements and higher‑than‑expected wind generation costs, among other drivers, says Dhar. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2334 GMT - Oil rises in early Asian trade amid an escalation in the U.S.-Iran conflict that could increase supply disruptions in the Middle East. The U.S. military said it struck three Iranian oil tankers on Saturday after Iran launched ballistic missiles toward two Navy warships, as the battle to assert control over the Strait of Hormuz intensifies. "The spectre of oil flows returning to normal in the Middle East faded amid renewed attacks between the U.S. and Iran," ANZ Research analysts say in a research report. Front-month WTI crude oil futures are up 0.8% at $92.18 a barrel, while front-month Brent crude oil futures are 0.6% higher at $96.82 a barrel.