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

0759 GMT - Brent's risk premium reached an estimated $22 a barrel in September, the second-highest monthly level on record, reflecting persistent fears of disruptions in the Middle East and demand for oil as a portfolio hedge. "The peak monthly risk premium estimate during the outbreak of the Russia-Ukraine war in 2022 did not exceed $16/bbl, highlighting how unprecedented this year's oil supply shock has been," analysts at the bank say. OECD commercial stocks remain a key driver, with a 100 million-barrel decline in inventories raising Brent's fair value by nearly $8 a barrel. Meanwhile, investors often increase oil exposure to hedge against losses in equity and bond portfolios during supply shocks, as higher oil prices fuel inflation concerns and weigh on traditional asset returns, Goldman says. (giulia.petroni@wsj.com)

0737 GMT - EU approval for MMG's acquisition of Anglo American's Brazilian nickel business would be "the very best outcome" for European stainless steel customers and for the company's workers in Brazil, the London-listed mining company's chief operating officer Ruben Fernandes says. His comments come on the back of a closed-door hearing with EU merger officials Thursday, who have raised concerns the transaction could divert supplies from Europe to China. "Prohibition means that we will head towards 'care and maintenance' as the pathway to closure of the operations in Brazil. That would be the ultimate lose-lose outcome," he says, adding that Anglo American presented "the clear realities of the market during the hearing."(edith.hancock@wsj.com)

0728 GMT - Yields on U.K. government bonds fall as markets calm after President Trump on Thursday said that the U.S.-Iran peace talks were progressing well. Trump also said the U.S. would not attack Iran before the mid-term elections in November, easing concerns about a potential escalation in the Middle East conflict. Brent crude is down 0.8% to $103.4 a barrel. Ten-year gilt yields fall 5.7 basis points to last trade at 5.431%, Tradeweb data show. (miriam.mukuru@wsj.com)

0718 GMT - European stock indexes rise at the open, buoyed by a pullback in bond yields and an easing in oil prices. Banking, software and energy-intensive stocks trade up, lifting the Stoxx 600 0.8% higher. London's FTSE 100 rises 0.8%. Miners in the index gain as metals prices advance, while software group Relx is up 2.7%. The German DAX adds 0.6%, led by a 2.8% jump for software giant SAP. Deutsche Telekom tumbles 7%, however, after SpaceX accelerated its efforts to build a mobile network. In Paris, the CAC 40 jumps 0.8% as luxuries strengthen, though Orange--down 2.6%--drags the index. Italy's FTSE MIB gains 0.9%, while the Spanish IBEX 35 adds 0.1%. The Dutch AEX rises 0.6%, though ASML slips 0.9%.(josephmichael.stonor@wsj.com)

0713 GMT - Oil prices fall after President Trump said the U.S. wouldn't attack Iran before the midterms, citing "productive" talks with Tehran. In early European trading, Brent crude is down 0.8% to $103.48 a barrel, while WTI futures slip 0.7% to $90.86 a barrel. However, investors continue to price in an extended period of supply disruption into next year, as Houthi attacks on Saudi Arabia sustain the geopolitical risk premium and shipping in the Gulf remains under threat. Meanwhile, major oil producers have temporarily shut down Gulf of Mexico output ahead of Hurricane Isaias, raising concerns that power outages and flooding could disrupt refinery operations. The risk comes as U.S. refiners are operating above 90% of capacity to help offset war-driven global supply shortages. (giulia.petroni@wsj.com)

0701 GMT - British energy major BP's deleveraging efforts are ahead of plan, Baader Helvea's Frederic Lorec writes, as he upgrades the stock's target price to 636 pence from 549 pence. He also upgrades the adjusted earnings per share forecast to $1.17 in 2026 and $0.81 in 2027, from $0.69 and $0.59. The upgrade stems from higher Brent prices and strong refining margins, he writes. (adam.whittaker@wsj.com)

0648 GMT - Bitcoin recovers slightly after reaching a two-and-a-half-week low on Thursday as risk appetite improves on hopes for diplomatic progress in the Middle East conflict. President Trump said in a Truth Social post that the U.S. won't attack Iran before November's midterm elections, citing "productive" discussions. Oil prices ease, sending the dollar lower and providing some support to bitcoin. Bitcoin rises 0.9% to $82,468 after hitting as low as $80,391 Thursday, LSEG data show. Thursday's declines were in part due to a stronger dollar and rising Treasury yields as oil prices jumped on concerns about an escalation in the Middle East. (renae.dyer@wsj.com)

0636 GMT - The dollar falls modestly as oil prices ease after President Trump said the U.S. won't attack Iran before November's midterm elections. Trump said in Truth Social post that the U.S. is having "productive" discussions with Iran. The U.S. is a net oil exporter while de-escalation hopes dent the dollar as a safe haven. Meanwhile, Federal Reserve governor Christopher Waller said there was "flexibility" about the pace of possible future interest-rate rises and suggested a pause in October was possible. The DXY dollar index falls 0.1% to 102.037, having reached a near 18-month high of 102.535 Monday.