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

1015 ET - Oil futures are lower on optimism about a U.S.-Iran agreement that could reopen the Strait of Hormuz to tanker traffic, but the market remains cautious. "With the two sides still publicly contradicting each other on basic facts, the distance to a binding agreement is considerable," Ahmad Assiri of Pepperstone says in a note. For energy markets, the main concern is uncertainty about the strait. "A verified deal delivers meaningful downside in crude; a breakdown or simply a prolonged stalemate keeps the geopolitical risk premium firmly embedded." WTI is down 5.1% at $91.67 a barrel. Brent falls 4.9% to $98.46. (anthony.harrup@wsj.com)

0858 ET - The bulk of residents in Canada's oil-rich province of Alberta want to remain part of Canada, says one of the first polls to emerge since Alberta Premier Danielle Smith set Oct. 19 as a date for a referendum on the jurisdiction's future within the country. Angus Reid Institute says 61% of Albertans would choose to remain in Canada, while 36% indicate they believe Smith should begin the process to hold a binding referendum on separation from Canada. Smith unveiled the planned vote last week, under pressure from the wing of her United Conservative Party that either supports separation or is sympathetic to the cause. Over half of respondents, 51%, say the question to be posed on the Oct. 19 ballot -- essentially, a referendum-on-a-referendum -- is too confusing. (paul.vieira@wsj.com, @paulvieira)

0856 ET - Higher commodities prices buoyed corporate operating earnings in the first quarter, the latest data from Statistics Canada shows. Operating profit among the country's corporations hit C$209.9 billion in 1Q, up 2% on quarter and 3.4% year-over-year. Gains were largely driven by nonfinancial industries, with companies in oil and gas extraction leading with a 35% on-month jump in operating profit collectively to C$3 billion as crude oil prices spiked amid the conflict in the Middle East. The mining sector notched a 11% rise in operating profit to C$299 million due mainly to higher prices for gold and copper, Statistics Canada says. In contrast, earnings in the manufacturing industry fell 1.7% to C$19.7 billion. Operating profit for financial industries edged up 0.8% to C$99.7 billion. (robb.stewart@wsj.com; @RobbMStewart)

0834 ET - The dollar extends falls on optimism about prospects of a deal between the U.S. and Iran that could potentially result in the reopening of the Strait of Hormuz. Oil prices fall, with Brent crude last down 6% to $97.32. The safe-haven dollar falls both because of investors' sentiment improving and because the currency often tracks moves in oil prices as the U.S. is a net oil exporter. Caution remains, however, as President Trump said in a Truth Social post on Sunday that he was in no hurry to agree to a deal. Trading volumes are low due to a public holiday in the U.S. and holidays across most of Europe. The DXY dollar index falls 0.3% to a 10-day low of 98.927. (jessica.fleetham@wsj.com)

0817 ET - The German automotive and textile industries continue to be a particularly affected by job declines amid a broader downturn in industry jobs in the country, according to a report from EY. The number of employees in the automotive sector fell 4% last year and as much as 15% since 2019, the report says. The textile industry had even more drastic declines, with 22% of jobs lost since 2019. Meanwhile, only two sectors have remained bucking this decline, with jobs in chemical and pharmaceutical industries slightly higher since 2019, the report finds. (aimee.look@wsj.com)

0737 ET - The cost of insuring euro-denominated credit against default stays steady at lower levels amid progress toward a U.S.-Iran peace deal that could result in the reopening of the Strait of Hormuz. Nevertheless, President Trump said in a Truth Social post on Sunday that he was in no hurry to agree to a deal and that both sides "must take their time and get it right." The iTraxx Europe Crossover index, which tracks euro high-yield credit default swaps, trades at 274bps, having fallen by six basis points to that level on Friday, S&P Global Market Intelligence data show. The iTraxx Europe Main index, which tracks euro investment-grade CDS, is steady at 55 basis points. (jessica.fleetham@wsj.com)

0700 ET - The euro, sterling and perceived riskier currencies such as the Australian dollar all rise versus a weaker U.S. dollar amid prospects of a U.S.-Iran peace deal, which could lead to the reopening of the Strait of Hormuz. Oil prices fall while risk appetite picks up. The dollar falls due to its safe-haven qualities and because it often mirrors moves in oil prices as the U.S. is a net oil exporter. The euro rises 0.3% to a six-day high of $1.1649, LSEG data show. Sterling rises 0.5% to an 11-day high of $1.3496, while the Australian dollar gains 0.6% to $0.7166. Among emerging-market currencies, the South African rand and Mexican peso both gain versus the U.S. dollar. (jessica.fleetham@wsj.com)

0537 ET - The oil market is reacting positively to signs that the U.S. and Iran are moving closer to an agreement, though analysts caution that no deal alone would restore normal conditions in the global system. Traders are anticipating that roughly 100 million barrels of crude currently stranded on tankers near the Strait of Hormuz could begin flowing again relatively quickly, temporarily flooding the prompt physical market and easing near-term supply fears, according to Sparta Commodities. However, "fundamentally there is no change to the underlying picture" says June Goh, senior analyst at the firm. Even if the Strait were to reopen immediately, restoring full production and logistics networks would still likely take three to six months, meaning global markets would continue drawing down inventories until Middle Eastern crude output is fully back online. (giulia.petroni@wsj.com)

0533 ET - India raising import taxes on gold will not curb local demand, Charles Gave of Gavekal Research writes in a note. The move has eroded the value of the rupee against gold, he notes, adding that this will instead encourage locals to buy more gold as savings. The government needs to mobilize India's gold, but "people who have long saved in gold will never abandon gold unless they are paid richly to do so," Gave adds. Gold-linked bonds may support government funding better through principal and interest payments, while maintaining gold levels, Gave says. (kimberley.kao@wsj.com)

0455 ET - European energy stocks fall in morning trade as oil prices slip on optimism that the U.S. and Iran could reach a deal that opens the Strait of Hormuz. Nevertheless, President Trump said in a Truth Social post on Sunday that he was in no hurry to agree to a deal. "Both sides must take their time and get it right," he said. Brent crude falls 4.7% to $95.52 a barrel, while WTI futures are down 4.9% to $91.86 a barrel. This pushes Spain's Repsol 2.25% lower and Italy's Eni down 1.9%. France's TotalEnergies is 1.7% down. Norway's Equinor slips 1.4%. U.K. markets are closed. (adam.whittaker@wsj.com)

0407 ET - Mitsubishi Electric's new medium-term business strategy will likely include opportunities from data centers for public utility, factory automation, air-conditioning and optical device businesses, among other things, Jefferies analysts say in a note. The Japanese company is expected to unveil its plans later this week. The company's stock is up 43% year to date, driven in part by expectations for future overseas defense projects. Yet, markets have yet to fully incorporate the magnitude of profit growth in its infrastructure-related projects and its factory automation business, the analysts say. Jefferies maintains a buy rating on the stock and raises its target price to 7,700 yen from Y6,800. Shares closed 4.1% higher Monday at Y6,560. (kosaku.narioka@wsj.com; @kosakunarioka)

0400 ET - Expectations for the European Central Bank to raise interest rates look overdone after recent data point to a fragile eurozone economy, analysts at Natixis say in a note. "Current ECB pricing remains aggressive relative to the likely deterioration in the Eurozone growth outlook," they say. Last week's provisional eurozone purchasing managers' data for May were unexpectedly weak as high oil prices dented consumer and business sentiment. Eurozone money markets price an 80% chance of a 25 basis-point ECB rate increase in June and fully price in two increases by the end of the year, LSEG data show. (jessica.fleetham@wsj.com)

(END) Dow Jones Newswires

May 25, 2026 10:15 ET (14:15 GMT)

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