The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0819 GMT - Banks, industrials and technology companies fall as European blue-chip indexes all open sharply lower on surging oil prices. Spain's IBEX 35 falls 3% as major banks slip sharply--Santander is down 4.4%, while BBVA falls 3.5%. Industrials lead the fallers in the German DAX--down 2.7%--as Siemens Energy slides 7.25% while cement maker Heidelberg Materials falls 4.5%. The French CAC 40 is down 2.6%. Banks also push the FTSE MIB lower. The Italian index is down 2.5%, with UniCredit sliding 4%. In London, the FTSE 100 is down 1.7% as industrial giant Rolls Royce slides 5.1%. Losses in the index are softened somewhat by gains for oil majors BP and Shell. The Dutch AEX is down 1.9% as ASML--Europe's most valuable company--falls 5%. (josephmichael.stonor@wsj.com)

0735 GMT - Oil prices surge to their highest level since mid-2022 as some major Gulf producers started cutting production, while the Strait of Hormuz shipping route remains effectively closed. Brent crude climbs 15% to $106.21 a barrel after reaching $119.50, while WTI is up 12% to $92.33 a barrel, having hit $103.67 a barrel earlier in the session. "The combination of these production shut-ins and no signs of de-escalation in the war means the market is having to aggressively price in a prolonged supply disruption," analysts at ING say. "Even if flows through the Strait of Hormuz start to resume, it will take time for upstream production to ramp up." (giulia.petroni@wsj.com)

0712 GMT - China may still face deflation pressure this year, Barclays economist say in a research note. The rise in the consumer price index in February "largely reflects the low base a year ago due to the difference in the timing of the lunar new year holidays," they say. Looking ahead, the economists think the downward trend in core CPI will continue in 2026 due to continued housing deflation and subdued wage growth. That said, the risk to this inflation forecast is from oil prices, they note. An increase of $10 per barrel in oil prices would push up inflation by 0.1 percentage point, they add. (tracy.qu@wsj.com)

0644 GMT - China Aviation Oil (Singapore)'s jet-fuel trading could be bolstered by an effective suspension of shipping via the Strait of Hormuz, says OCBC Group Research's Ada Lim in a note. The boost could be offset by potentially lower jet-fuel volumes on weaker travel demand, the analyst notes. The Middle East conflict has caused jet-fuel prices to surge while casting uncertainty on civil aviation demand, she says. The jet-fuel trader said potentially softer business volumes haven't been significant drags on its financial performance, she notes. If the company uses its cash for accretive acquisitions or share buybacks, those could be rerating catalysts, she says. OCBC raises its rating on the stock to buy from hold and lifts its fair-value estimate to S$2.48 from S$1.60. Shares rise 0.55% to S$1.84. (megan.cheah@wsj.com)

0605 GMT - The worst-case scenario for Singapore's equity market is "panning out" in the Iran conflict, Phillip Securities Research's Paul Chew says in a commentary. The Strait of Hormuz is effectively closed, energy markets are rattled, and tanker shipping rates have jumped, the research head notes. "Asian economies will be negatively impact[ed], with a crude oil reliance from the Gulf as much as 90% for Japan," Chew adds. Tactical trades or hedges against a worsening tail risk include oil and gas service providers like Marco Polo Marine, shipyards such as Seatrium, equipment makers, rig owners, tanker owners, gas trading companies and commodity producers, he adds. The FTSE Straits Times Index falls 2.2% to 4740.59. (ronnie.harui@wsj.com)

0533 GMT - Singapore's benchmark FTSE Straits Times Index tumbles amid a wider equity selloff as oil prices top $100 a barrel on the escalating Middle East conflict. The index slides 2.3% to 4734.84. Property company Hongkong Land and air cargo handler SATS lead declines, falling 5.5% and 4.9%, respectively. The stock index is likely to test recent lows thanks to heightened near-term risks, DBS Group Research says in a note. Its analysts are watching the duration of elevated oil prices rather than the sharp price jump itself, noting that shares of offshore and marine company Seatrium and defense group ST Engineering--both STI constituents--could benefit in the longer term as the conflict rages on. Seatrium falls 2.6%, and ST Engineering is 2.1% lower. (megan.cheah@wsj.com)

0322 GMT - Singapore-listed Nordic Group's solid contract wins are likely to support its growth momentum, says OCBC Group Research's Troy Cheng in a note. The precision engineering company's order book expanded to S$201.9 million as of end-2025, thanks to a meaningful rise in its maintenance contracts, he notes. Order deliveries are likely to continue up to 2028, which could boost its top line he adds. Nordic is also likely to gain from robust semiconductor tailwinds, as Singapore's position as a semiconductor hub strengthens, he says, citing plans by Micron to invest in the city-state. OCBC raises its fair-value estimate on the stock to S$0.60 from S$0.59 and reiterates a buy rating. Shares fall 1.1% to S$0.455. (megan.cheah@wsj.com)

0145 GMT - Malaysia's oil and gas sector's outlook has improved as Brent crude surges amid escalating U.S.-Iran tensions, Hong Leong IB analyst Thye May Ting says in a note. Upstream players such as Hibiscus Petroleum and Dialog will likely benefit from higher realized oil prices. Petronas Chemicals might see margin protection from fixed-price gas feedstock for its Kertih plant, though weak demand could limit product price gains, she says. Although tanker rates have climbed, upside for MISC is capped as most vessels operate under long-term charters. Hong Leong maintains its overweight rating on Malaysia's oil and gas sector amid improving oil-price dynamics. While geopolitical premiums are usually short-lived, supply disruption risks and tighter tanker markets could keep oil prices elevated in near term, it adds. (yingxian.wong@wsj.com)

0141 GMT - Oil-price gains could unwind quickly when the Strait of Hormuz eventually reopens, says Macquarie. Spot LNG may take longer to drop, as it will take time to restart suspended operations in Qatar, the bank says. Among Australian stocks, Macquarie names Santos as its top pick. It reiterates an outperform rating, although notes that "upside to our valuation is now becoming more limited." It keeps a neutral rating on Woodside, which it says its now trading well above long-term discounted cash flow. Santos is up 2.7% at A$7.66. Woodside is up 0.7% at A$30.97. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0034 GMT - Santos's bull at Macquarie warns that potential upside to their valuation forecast is diminishing. An analyst at the investment bank tells clients that Santos remains their preferred Australian energy exposure amid higher oil and spot liquefied natural gas prices. They raise their 2026 EPS forecast by 66% on the near-term impact of the U.S. and Israeli strikes on Iran, but see upside becoming more limited. The stock is up 13% so far this month, and by almost 25% in 2026. Macquarie lifts its target price 7.3% to A$8.10 and keeps an outperform rating on the stock, which is up 2.1% at A$7.62. (stuart.condie@wsj.com)

0013 GMT - Boss Energy's A$208 million in cash and liquid assets provides the uranium company with "a substantial buffer" as it continues to ramp up the Honeymoon operation and completes some studies, says Canaccord Genuity. It will also help the company "weather any near-term challenges associated with early production from East Kalkaroo," the broker says. Canaccord Genuity keeps a speculative buy recommendation and A$2.80 price target on Boss. The stock is down 4.9% at A$1.54. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

March 09, 2026 04:20 ET (08:20 GMT)

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