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

0936 GMT - Sterling could reverse recent gains against the euro if markets are more inclined to scale back expectations for increases in interest rates for the Bank of England compared to the European Central Bank, ING's Francesco Pesole says in note. BOE officials continue to sound more cautious about raising rates than the ECB, as highlighted by remarks from BOE Governor Andrew Bailey Tuesday, he says. U.K. front-end rates have further to fall than the eurozone, which "should offer lasting support to euro versus sterling beyond the near-term." Rate differentials will return as primary drivers once the dust has settled around the Iran war, he says. The euro edges down 0.1% to 0.8689 pounds after reaching a two-week low of 0.8682 Tuesday, LSEG data show. (renae.dyer@wsj.com)

0918 GMT - The euro could stay under pressure due to uncertainty over whether a U.S.-Iran peace deal can be agreed, ING's Francesco Pesole says in a note. The euro briefly rose above $1.18 Tuesday on hopes for new U.S.-Iran talks but greater clarity over a peace plan is needed to keep the single currency sustainably above this level, he says. That clarity is lacking, he says. Currently "risks look more skewed to the downside" although tangible progress in negotiations would potentially still allow the euro to rise above $1.1850 by the end of the week. The euro falls 0.1% to $1.1782 after reaching $1.1811 Tuesday, its highest level since Feb. 27 before the conflict began, according to LSEG. (renae.dyer@wsj.com)

0750 GMT - BP's first-quarter trading update looks better than expected, with the performance of the U.K. energy giant's oil trading and downstream business being the key driver, Citi analysts say. "BP's [first-quarter] trading statement looks incrementally positive versus our expectations and, as such, we raise our earnings forecast for the quarter by 20%," the analysts say in a research note. The downstream business is set to gain from an exceptional oil-trading result, supply optimization, higher refining margins and lower turnaround activity, according to Citi. While there is a weaker picture in the upstream business due to timing effects on the realization of oil and gas prices, flat volumes compared with the fourth quarter look better than expected, the analysts add. Shares are up 0.5%. (adria.calatayud@wsj.com)

0715 GMT - Yields on U.K. government bonds fall as declining oil prices ease investor concerns about the risk of inflation. Markets have cut back their expectations of the Bank of England raising interest rates and currently price in a 12% chance of a BOE rate rise in April, down from a 20% chance priced last week, LSEG data show. Brent crude is relatively steady at $94.7 per barrel but around 8% lower since the start of the week. Ten-year gilt yields fall 4 basis points to last trade at 4.752%, a one-week low, Tradeweb data show. (miriam.mukuru@wsj.com)

0708 GMT - Oil prices fall after President Trump signaled the possibility of a second round of talks with Tehran this week, even as American forces press ahead with a naval blockade on Iranian ports. In early European trading, Brent crude falls 0.1% to $94.70 a barrel, while WTI is down 0.4% to $90.88 a barrel. "The risk premium at the front of the oil curve has decreased since the ceasefire announcement as the perceived likelihood of a near-term peace deal has increased," analysts at Goldman Sachs say. Oil flows through the Strait of Hormuz haven't picked up yet, while the U.S. blockade threatens to squeeze supply further. However, partly offsetting that pressure, crude output disruptions across the Middle East appear less severe than expected, aided by greater-than-anticipated storage capacity both on land and at sea, GS says. (giulia.petroni@wsj.com)

0707 GMT - Bitcoin edges slightly lower as continued disruption in the Strait of Hormuz outweighs hopes for renewed U.S.-Iran peace talks. The Wall Street Journal reports that a U.S. blockade of Iranian ports has been fully implemented and eight oil tankers have obeyed direction from U.S. forces to reverse course. However, President Trump told Fox Business that he thinks the war is close to over and Iran wants to make a deal very badly. Uncertainty over the conflict leaves investors cautious over risky assets including cryptocurrenies. Bitcoin falls 0.3% to $73,934 after reaching a 10-week high of $76,073 Tuesday, LSEG data show. (renae.dyer@wsj.com)

0704 GMT - Eurozone government bond yields fall in early trade, tracking U.S. Treasury yields, as investors tentatively believe in the potential for a lasting peace in the Middle East. The U.S. Central Command said that a blockade of Iranian ports has been fully implemented and that U.S. forces are maintaining maritime superiority in the Middle East. The prospect of fresh peace talks between the U.S. and Iran also give hope for cautious optimism. The 10-year German Bund yield falls 3.1 basis points to 3.000% and Italy's 10-year BTP yield is down 3.7 basis points at 3.751%, according to Tradeweb. Italy plans a dual-tranche bond syndication on Wednesday while Germany has a triple-tranche auction of ultra-long Bunds. (emese.bartha@wsj.com)

0642 GMT - The dollar trades steady after reaching a six-week low Tuesday driven by reduced safe-haven flows and lower oil prices on hopes for new peace talks between the U.S. and Iran. President Trump told Fox Business that he thinks the war is close to over and Iran wants to make a deal. However, U.S. naval forces have intercepted eight oil tankers entering or leaving Iranian ports since the start of the blockade on Monday, The Wall Street Journal reports, citing a U.S. official. Uncertainty over the situation keeps the dollar from extending Tuesday's losses with investors awaiting more concrete progress towards a peace deal. The DXY dollar index trades flat at 98.157 after falling to as low as 97.969 Tuesday. (renae.dyer@wsj.com)

0556 GMT - Southeast Asia and India may only have 7-15 days of strategic oil reserve coverage left, PGIM says in a note. Disruptions through the Strait of Hormuz continue to squeeze global reserves of crude oil and derivatives, says the asset management arm of Prudential Financial. The Philippines has already declared a national energy emergency--and elsewhere in Asia-Pacific, major economies such as Japan and South Korea have around 4 to 10 weeks of coverage, says PGIM. Despite ongoing tensions between the U.S. and Iran, PGIM assigns a roughly 70% probability to a negotiated settlement or cease-fire extension, citing the economic and political ramifications for both sides. (megan.cheah@wsj.com)

0525 GMT - Rising energy costs and persistent inflation are hitting U.S. households at a time when real income growth is already diminishing, resulting in consumption losing momentum, says Generali Investments' Paolo Zanghieri in a note. Generali Investments expects consumption to grow by just 1.7% in 2026, around one percentage point below 2025, the senior economist says. "The most significant contributor to slower consumption growth is the deterioration of the labor market," he says. Private sector job creation has effectively stalled, hiring is at its lowest since April 2020, and the decline in the quit rate signals slower wage growth ahead, he says. Generali Investments lowers its GDP growth forecast to 2.3%. (emese.bartha@wsj.com)

0517 GMT - The Middle East cease-fire remains intact, and that is positive, even as last weekend's peace talks between the U.S. and Iran concluded without a deal, Columbia Threadneedle Investments' Anthony Willis says in a note. "Intermediaries are still working hard behind the scenes to make sure that both sides continue to communicate," the senior economist says. Despite ongoing wranglings, both sides appear interested in reaching a deal, but even when a deal is reached, resuming normal service in the Strait of Hormuz will take a long time, he says. "When traffic begins to flow we will likely see a fall back in oil prices, but supply stresses will persist as it will take time for oil and gas to reach their final destinations." (emese.bartha@wsj.com)

0500 GMT - Oil prices are increasingly driven by diplomatic signals amid the Middle East tensions, Phillip Nova's Priyanka Sachdeva says. Each sign of renewed dialogue has pushed prices lower, as traders unwind the war premium built into crude earlier this month, the senior market analyst says. Diplomatic progress and assurances of uninterrupted tanker movement through the Strait of Hormuz could pull Brent back toward the $80 zone, though residual geopolitical risk limits the downside, Phillip Nova adds. Front-month WTI crude oil futures are up 0.5% at $91.71 per barrel; front-month Brent crude futures are 1.0% higher at $95.74 per barrel.(tracy.qu@wsj.com)

(END) Dow Jones Newswires

April 15, 2026 05:36 ET (09:36 GMT)

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