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.

0742 GMT - Shell delivered strong second-quarter numbers after building up investors' expectations ahead of the release, Jefferies analyst Mark Wilson writes. It is noteworthy that the British energy major's release didn't include the immediate guidance and distribution increase that Italy's Eni offered investors when it reported Wednesday, he adds. Shell holds the line on its $3 billion buyback, while Eni hiked its repurchase. Shares rise 1.6% to 3,376.5 pence. (adam.whittaker@wsj.com)

0730 GMT - Shell reported strong numbers after its traders benefited from supportive conditions, RBC Capital Markets analyst Biraj Borkhataria writes. Its $3 billion quarterly buyback was as expected but the energy major also needs to catch up with around $1.2 billion of uncompleted buybacks after it paused them during the Arc Resources acquisition, he says. Its forward-looking guidance is conservative but this is typical for Shell, he says. Shares rise 1.6% to 3,376.5 pence. (adam.whittaker@wsj.com)

0230 GMT - Woodside Energy's capital-expenditure burden keeps UBS neutral on the stock despite the investment bank's analysts expectation of a third-quarter tailwind from liquefied-natural-gas contract pricing. The energy producer reported a 6% second-quarter trading margin, but the analysts anticipate a third-quarter benefit from the lag in LNG contract pricing. They tell clients in a note that Woodside is continuing to derisk its major growth projects, but point out that cash flows are still weighed by a period of heavy investment. UBS keeps a neutral rating on the stock and a target price of A$29.60. Shares are up 0.4% at A$32.88. (stuart.condie@wsj.com)

0142 GMT - Dialog could be a net beneficiary of the ongoing Middle East conflict, supported by higher crude oil prices, Maybank IB analyst Jeremie Yap says in a note. He expects stronger earnings in fiscal 4Q and 1H FY 2027 with higher oil prices boost contributions from Dialog's upstream assets as new oil and gas production from the Cendramas and Baram projects begins contributing to earnings. Over the next three years, earnings should also be supported by new tank terminal expansions in Langsat and Pengerang, he adds. Yap likes Dialog's recurring income portfolio and stable cash flow from its midstream tank terminal assets. Maybank maintains a buy rating on Dialog and keeps its target price at 2.36 ringgit. Shares are unchanged at 1.98 ringgit. (yingxian.wong@wsj.com)

1912 GMT - Oil futures bounce back from a three-session slide on resumed military strikes after Iran fired missiles at U.S. targets in Jordan. The return of fighting reduces optimism for talks to settle the conflict. "Irreconcilable differences over commercial transit rights and sovereignty in the Strait of Hormuz quickly restored the geopolitical risk premium," Gelber & Associates says in a note. Houthi attacks on Red Sea shipping and ongoing OPEC+ production shortfalls "reinforced expectations of tighter physical balances," the firm adds. WTI settles up 6.6% at $84.46 a barrel and Brent rises 7.9% to $90.74 a barrel.(anthony.harrup@wsj.com)

1750 GMT - U.S. commercial crude oil inventories fell by a larger-than-expected 7.2 million barrels last week as refineries ran near full capacity and imports fell, while an additional 3.8 million barrels were released from the Strategic Petroleum Reserve, the EIA reports. "Barrels keep disappearing, with little sign of that trend improving," says David Russell of TradeStation. "The market could enter winter with seriously depleted stockpiles because inventories will need time merely to stabilize before the normal late-fall rebuilding season can begin. Risks increase if the conflict drags on." WTI is up 6.5% at $84.41 a barrel and Brent rises 7.3% to $90.26.(anthony.harrup@wsj.com)

1337 GMT - Markets are pricing in about a 64% chance the Fed will hold rates steady later today, but investors will be watching closely for any signals from Chairman Kevin Warsh on the path of monetary policy ahead. After cooler-than-expected June inflation data, volatile energy prices tied to tensions in the Middle East have re-escalated concerns about resurgent inflation. Warsh has indicated that the Fed will restore price stability and the central bank has no tolerance for inflation above its target. The question is whether the committee will act soon on these inflationary pressures or wait for more evidence that inflation is cooling. (jessica.coacci@wsj.co)

1334 GMT - Procter & Gamble is expecting to take a $1 billion hit to earnings this year due to high gas prices. The projection is based on an estimate that the Brent crude oil price will be $90 a barrel, given the ongoing war with Iran, executives tell analysts on a call. Along with high fuel costs, P&G says it is also dealing with freight and trucking surcharges, supplier inflation and extra non-commodity costs tied to the conflict. P&G estimates EPS will fall 5% or more year-over-year in F1Q, with the majority of cost impacts happening in the first half of its new fiscal year. Procter & Gamble falls 4% in early trading.(katherine.hamilton@wsj.com)

1232 GMT - Oil futures are back on the rise as the U.S. and Iran resume military strikes following a pause, again dimming hopes for a negotiated solution to the conflict. "Prolonging this war will deepen damage to vital oil facilities, whether in the Gulf states or in Iran, which cannot be reversed through negotiations and could require months or even years to repair," Samer Hasn of XS.com says in a note. That could keep oil prices relatively high for an long period, he adds. "Extreme and unlikely scenarios could become reality as the war's timeframe extends." WTI is up 6.6% at $84.51 a barrel and Brent is 6.9% higher at $89.93.