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

0853 ET - Oil futures start the U.S. trading week higher and Brent flirts with the $100 level as Iran-backed Houthis launched attacks on Saudi energy infrastructure. "A bullish trading stance still appears warranted, at least until some indication of renewed negotiations is forthcoming," Ritterbusch & Associates says in a note. The increase in shipping through the Strait of Hormuz is "likely precluding another visit in Brent to the $120 level seen early in the war," the firm says, although renewed attacks in the strait remain a risk. WTI is up 2.1% at $93.40 a barrel and Brent is 1.4% higher at $98.33. (anthony.harrup@wsj.com)

0823 ET - Germany is facing a growing gas-storage squeeze as suppliers have little financial incentive to replenish inventories ahead of winter. Storage sites are 54% full, well below the five-year average. Meanwhile, gas for immediate delivery is trading around 74 euros per megawatt-hour, while contracts for delivery later in the year are priced at just over 49 euros, according to Commerzbank. That makes it costly for suppliers to buy gas now and store it for winter. The issue is particularly important for Germany, which has around 250 terawatt-hours of storage capacity, the largest in Western Europe. "While other EU countries, such as France, regulate the economic risk faced by their suppliers, Germany continues to rely primarily on market-based incentives, which have been rendered ineffective by the negative summer-winter spread," says Norman Liebke, analyst at the bank. (giulia.petroni@wsj.com)

0754 ET - UBS raised its oil-price forecast as the market continues to face tight supply and declining inventories. Brent crude is now expected to reach $95 a barrel by year-end, up from the previous forecast of $85 a barrel. Prices are supported by lower global exports, falling oil inventories and geopolitical risks in the Middle East, analysts at the bank say. Chinese crude imports have also recovered from their June lows, suggesting stronger demand in the coming months. Overall, UBS expects crude prices to remain elevated, with Brent forecast at $90 a barrel in March 2027. The global oil benchmark currently trades 1.7% higher at $98.68 a barrel. (giulia.petroni@wsj.com)

0659 ET - Legrand's evolving product mix is likely to be a focus at the French infrastructure manufacturer's capital markets day on Sept. 29, Citi analysts write. The company could raise its midterm organic revenue target to between 5% and 8% from 3% to 5%, they add. The 2030 revenue target could also be increased to between 15 billion and 17 billion euros, from 12 billion to 15 billion euros, the analysts say. Citi has a buy rating on the stock and a 185-euro target price. Shares are up 0.5% at 145.30 euros and 14% higher over the year to date. (ian.walker@wsj.com)

0614 ET - U.S. Treasury yields rise, responding to higher oil prices and an increased likelihood of a rate hike next week following recent stronger-than-expected jobs data. "Even if we do not believe there will be a hike next week, we still think the current pricing (with close to even odds between a hike and hold) is well justified," Danske Bank analysts say in a note. Danske, however, still expects the Fed to hike rates twice later, in December and March. The dollar eases against a basket of currencies, however, due to further gains in the Japanese yen. The 10-year Treasury yield rises 1.8 basis points to 4.802%, according to Tradeweb. The DXY dollar index falls 0.2% to 98.989. (emese.bartha@wsj.com)

0607 ET - Markets seem rather complacent about energy disruptions in Saudi Arabia, says Nic Puckrin, cross-asset analyst and founder of Coin Bureau. Energy-sector facilities in the country came under fresh attack Monday. Despite oil surging toward $100 a barrel, equities, gold and bitcoin still look relatively calm, Puckrin says. The development comes at a bad time for refined products, with diesel crack spreads sitting at record highs. "This is no longer just an oil market problem. It's an everything problem," Puckrin says. Diesel fuels around three-quarters of America's freight and commercial transport, so higher prices filter through to pretty much anything produced or shipped. Transport and logistics, airlines, industrials and retailers are most immediately vulnerable. But if inflation expectations spike and push up bond yields, that will hit rate-sensitive equities like tech. (fabiana.negrinochoa@wsj.com)

0535 ET - Rubis's profit upgrade is a positive surprise, Bernstein analysts Guillaume Delaby and Gareth Williams write. The French energy group reported an 18% rise in earnings before interest, taxes, depreciation and amortization for the first half of the year and raised its guidance on the metric to between 775 million and 825 million euros from 740 million to 790 million euros previously. "While activity may soften in 2H26, it is now unlikely to soften as much as we had feared following the company's 1H26 pre-earning call," the analysts say. Bernstein has an outperform rating on the stock and 38.70-euro target price. Shares are up 5.2% at 35.62 euros. (ian.walker@wsj.com)

0439 ET - The risk premium embedded in oil prices appears to be exceptionally bloated, paving the way for prices to deflate, says Julius Baer's Norbert Rucker in commentary. Oil prices have risen past $95.00 a barrel as ongoing clashes in the Middle East spur fears of tighter supply, the economist says. However, the rise in prices seems to be at odds with the crude market's stability, he says, noting continued movement of oil through the crucial Strait of Hormuz. Oil supplies are also holding up better than feared, with ample storage in Europe and Asia, he adds. He therefore retains a cautious view of crude prices and sees scope for prices to fall. Front-month WTI crude oil futures rise 3.2% to $94.43 a barrel; Brent gains 2.2% to $99.10 a barrel. (megan.cheah@wsj.com)

0429 ET - Copper is becoming increasingly important to the energy transition, given its key role in power grids, electric vehicles, renewable generation and energy storage, Saxo Bank analyst Ole Hansen writes in a note. Benchmark LME copper futures hit a record $14,624.50 a metric ton, supported by persistent market tightness as miners struggle to keep pace with robust demand ahead of China's annual peak-demand season, he says. Copper is also difficult to substitute at scale, with alternatives such as aluminum involving trade-offs in conductivity, efficiency, weight and reliability, Hansen says. This should keep demand relatively resilient as electrification accelerates, while long lead times and technical challenges in developing new mines constrain the market's ability to respond quickly to stronger consumption, he adds. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0407 ET - European energy stocks trade higher Tuesday morning as oil continues to gain on fears of prolonged supply disruptions in the Middle East. Brent, the global oil benchmark, rises 1.8% to $98.74 a barrel, while WTI futures are up 3.1% to $94.32 a barrel. This pushes Britain's BP up 1.4% and Shell 0.9% higher. Norway's Equinor gains 1.3% and Italy's Eni rises 1.1%. Spain's Repsol climbs 1%.(adam.whittaker@wsj.com)

0339 ET - HD Korea Shipbuilding & Offshore Engineering is set to benefit from strong growth at its subsidiaries, says Lee Jae-hyuk at LS Securities. The analyst expects the share of higher-end LNG and LPG carriers in the total shipbuilding lineup to expand through 2029 at the South Korean holding company's unlisted local subsidiary HD Hyundai Samho, which posted an industry-leading operating profit margin of 22.5% in 2Q. Lee is also positive about brisk contract wins by the holding company's affiliated overseas shipyards in the Philippines and Vietnam to build tankers. LS maintains a buy rating and 440,000-won target price on the stock. Shares closed 1.4% lower at 346,500 won. (kwanwoo.jun@wsj.com)

0332 ET - Goldman nudges oil-price forecasts higher on the assumption that Mideast shipping disruptions will continue into 2027. But the revision is modest as OECD commercial oil inventories--a key predictor of crude prices--have barely drawn down since the war began and Mideast supply adaptation will likely continue. GS estimates that the global oil market deficit has narrowed from about 7 million barrels a day in March to 1 million in 3Q as Gulf output partially recovered. It assumes new pipeline capacity will come online in late 2027, and that the UAE and Saudi Arabia will eventually deploy spare capacity. Gulf liquids output has already improved and could return to pre-war levels by 2H 2027.