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

0942 GMT - European natural gas prices rise as U.S.-Iran escalations spur supply fears, while demand remains elevated. The benchmark Dutch TTF contract jumps 2.4% to 71.52 euros a megawatt-hour in late morning European trade. While limited supply out of Qatar has pushed gas prices higher, the bigger reason behind the surge in TTF contracts is increased demand, UniCredit strategists write. "Market fears are growing that Europe is behind schedule with its gas restocking, which will likely lead to sustained high demand at least through the end of 2026," the strategists say. European gas inventories are at 65.09% capacity, around 12 percentage points below levels in August 2025, they note. (josephmichael.stonor@wsj.com)

0743 GMT - Oil trades higher after the U.S. and Iran returned to tit-for-tat strikes, renewing concerns over supply from the Persian Gulf. In early morning European trade, Brent crude oil for November delivery rises 1.35% to $91.73 a barrel, while WTI's most-traded contract rises 1.5% to $87.09 a barrel. American forces struck Iran for the first time in a month earlier this week, prompting Iranian retaliation on Jordan, home to thousands of American troops. "Shipping conditions remain fragile, with another tanker reportedly attacked near Oman" overnight, MUFG's Soojin Kim writes. However, some solace was provided by signs that producers are continuing to export through Hormuz despite the elevated risk, the analyst notes. (josephmichael.stonor@wsj.com)

0722 GMT - European stock indexes are mixed at the open as U.S.-Iran escalation drags on travel stocks and energy-intensive industrials. AI-related stocks gain, however, as Europe-wide Stoxx 600 is flat. London's FTSE 100 falls 0.4%, dragged by a 2.9% drop for defense group Rolls-Royce while metals miners also slide. InterContinental Hotels Group is down 3.6%. The German DAX is 0.4% lower. Software giant SAP drops 2.7%, while Rheinmetall falls 2.3%. France's CAC 40 is in the green, rising 0.2%. Industrial gas group Air Liquide jumps 3.6% after activist investor Elliott Management built a stake in the company, according to an FT report. Italy's FTSE MIB is flat, while the Spanish IBEX 35 slips 0.2%. The semiconductor-heavy AEX adds 3%, boosted by a 1% gain for ASML.(josephmichael.stonor@wsj.com)

0642 GMT - Thai Oil stands to benefit from a tightened refinery market resulting from the Middle East and Russia-Ukraine conflicts, ttb wealth securities' Yupapan Polpornprasert says in a research report. Hence, the brokerage lifts its gross refining margin assumptions for the oil refinery by US$7.20 for 2026, US$1.30 for 2027, and US$1.10 for 2028. Also, the company's heavy capital-expenditure cycle from its clean fuel project is coming to an end, says the brokerage, which expects Thai Oil's free cash flow to turn positive from 2027. The brokerage raises the stock's target price to 75.00 baht from 60.00 baht with unchanged buy rating. Shares are 1.6% higher at 65.00 baht. (ronnie.harui@wsj.com)

0631 GMT - The U.S. dollar rises on the prospect of the Federal Reserve raising interest rates, potentially as early as this month. Fed Chairman Kevin Warsh last week warned of concerns about high inflation, causing investors to increase their bets on a September rate hike. U.S. money markets price a 65% possibility of a rate increase on Sept. 16, LSEG data show. Additionally, a flare-up in hostilities in the Middle East causes oil prices to rise further and boosts investors' appetite for the dollar as a safe haven. The DXY dollar index rises 0.1% at 99.518. (emese.bartha@wsj.com)

0530 GMT - China Resources Power is likely to face headwinds from tight coal supply, say DBS Group Research analysts in a note. Coal supply in 1H tightened with prices trending higher amid geopolitical uncertainty, they note. Domestic mine incidents also triggered stricter inspections and constrained local coal output, they add. The analysts expect coal-fired assets to transition toward flexible-adjustment resources, as capacity payments and ancillary services diversify revenue streams and enhance CR Power's long-term operational resilience. However, they flag that near-term earnings would remain weak due to coal cost pressure and lower power prices. DBS maintains its hold rating and target price of 19.20 Hong Kong dollars. Shares are down 1.5% at HK$18.48.