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

0830 ET - Siemens Energy's plan to separate its transformation of industry unit isn't a surprise given previous reports that the company was considering options for the division, Citi analysts write. They add that while no timeline has been provided by the German energy equipment maker, they expect it to take some time. Citi values the business at 8.6 billion euros. The analysts add that while portfolio streamlining is sensible, they don't see any material financial benefit from a separation of the unit, and expect investors to focus on the company's gas and grid divisions. Citi has a neutral rating on the stock and 185.00 euro target price. Shares are down 0.5% at 151.96 euros. (ian.walker@wsj.com)

0751 ET - Metal miners' stocks rise in London as copper prices hold near record highs. Higher copper prices are the result of markets adjusting for potential U.S. import tariffs next year, AJ Bell's Russ Mould writes. Copper trades flat at $14,385 a metric ton. Gold and silver slip but remain elevated, with gold contracts down 0.4% at $4,675.50 a troy ounce while silver contracts fall 0.2% to $68.52 an ounce. Hochschild Mining leads the sector, rising 7.3% after posting strong first-half earnings. Antofagasta adds 2.8%, while Fresnillo and Endeavour Mining jump 1.4% and 1.2%, respectively. Anglo American adds 1.1%.(josephmichael.stonor@wsj.com)

0700 ET - Palm oil fell during the Asian trading session. Sentiment was likely weighed by overnight weakness in rival soy oil, profit taking following a recent rally and concerns over softer August export demand, Kenanga Futures write in a note. AmSpec data showed palm oil exports fell 11% on month for the Aug. 1-25 period. However, expectations of lower palm oil production and ongoing supply risks could help cushion further downside, it adds. The Bursa Malaysia Derivatives contract for November delivery fell 93 ringgit to 4,853 ringgit a ton. (kimberley.kao@wsj.com)

0643 ET - Moves in crude oil prices are an important influence on the euro as the eurozone is an oil importer, Monex analysts say in a note. "With the Strait of Hormuz disruption the euro's principal vulnerability this year, an overnight slide in crude on ceasefire reports is a welcome terms-of-trade tailwind for the bloc," Monex analysts say in a note. The euro falls 0.1% against the dollar to $1.1664 but rises against other major currencies, including sterling and the Swiss franc. (emese.bartha@wsj.com)

0502 ET - The U.S. dollar could weaken further against the Chinese yuan over the coming months, ING's Chris Turner says in a note. The dollar has weakened sharply versus the yuan since the middle of last week. However, the pace of depreciation could slow going forward, Turner says. The Chinese central bank could be displeased over the pace of renminbi gains recently, he says. In addition, the U.S. announcement about possible sanctions on Chinese entities with ties to Iran could affect the yuan's strength, he says. "Our base case assumes a gently offered dollar environment and dollar/yuan edging lower towards 6.70 over the coming months." The dollar is last at 6.7202 yuan, having traded just above 6.74 at the start of last week, LSEG data show. (miriam.mukuru@wsj.com)

0402 ET - Investors slightly cut back expectations of the Bank of England increasing interest rates in 2026 as oil prices retreat. Talks between Iran and Oman about reopening the Strait of Hormuz have helped oil prices to drop, calming inflation fears. The price of Brent crude falls 2.9% to $86.03. Markets current price in a total of 23 basis points of BOE rate rises by year end, down 2 basis points from Tuesday's pricing, LSEG data show. (miriam.mukuru@wsj.com)

0353 ET - Orsted's stabilizing execution and project delivery is a first step toward a return to growth, Citi analyst Jenny Ping writes. The competitive landscape now seems more rational and government support is improving, which should deliver better project return rates, the bank says. With around 20-25 gigawatts of viable tenders over the next 18 months, most with improving auction frameworks that better align with industry cost structures, the Danish renewable-energy company has substantial scope to deliver profitable growth, it says. "In our view, shares currently reflect little value for the unsecured pipeline, investors are effectively receiving a free growth option." Citi upgrades Orsted stock to buy from neutral and lifts its target price to 165 Danish kroner from 142 kroner. Shares rise 1.6% to 141.58 kroner. (dominic.chopping@wsj.com)

0333 ET - Oil prices held below $90 a barrel as a flurry of positive headlines around U.S.-Iran peace talks soothed oil traders. In early European trading, Brent crude contracts for October delivery fall 2.5% to $86.38 a barrel, while WTI contracts fall 2.6% to $80.20 a barrel. Iran and Oman diplomats discussed a framework that would allow shipping to resume through the Strait of Hormuz, the countries said in a joint statement. Meanwhile, "anecdotal evidence suggests there is an increasing flow of vessels utilizing the Omani route through Hormuz," ANZ analysts said. In addition, Axios reported that around 40 ships transited the strait over the weekend, while The New York Times reported U.S. diplomats would return to the Middle East. (josephmichael.stonor@wsj.com)

0328 ET - Yields on U.K. government bonds, or gilts, fall to a near two-week low as oil prices drop, calming concerns about inflation. The falls come after Iran held talks with Oman about reopening the Strait of Hormuz, with the Omani foreign ministry saying a temporary corridor could be announced soon. Analysts also cite unverified media reports that the U.S. and Iran could reach a new ceasefire deal in the coming days. The price of Brent crude price falls 2.4% to $86.48. Ten-year gilt yields fall to 4.981%, a 13-day low, Tradeweb data show. (miriam.mukuru@wsj.com)

0324 ET - European oil stocks open lower Wednesday as oil prices fall on diplomatic talks to reopen the Strait of Hormuz. Talks between Pakistan and Iran are reducing the risk of an escalation in the Middle East conflict, ANZ analysts write. The analysts note that local media reports said the discussions yielded valuable results. This pulls Brent crude futures down 1.9% to $85.66 a barrel and WTI is 1.5% lower to $77.96 a barrel. Norway's Equinor leads the fallers, trading down 2.5%. In London, BP declines 2.2% while Shell is down 1.4%. Italy's Eni is down 1.6%, France's TotalEnergies slips 1.3% and Spain's Repsol moves 1% lower.(adam.whittaker@wsj.com)

0308 ET - Eurozone government bond yields decline, with the 10-year German Bund yield slipping below 3.20% for the first time since Aug. 14, according to LSEG data. The fall is driven by lower oil prices on news that Iran and Oman have unveiled a joint framework to restore safer navigation on the Strait of Hormuz. "If we do move closer to a deal, we could see some short covering at the long end of the curve," Jefferies' Mohit Kumar says in a note. This could push long-dated yields lower. Jefferies' postioning indicators suggest "close to stretched" short positions in long-dated Bunds and U.S. Treasurys, he says. The 10-year Bund yield falls more than 2 basis points to a low of 3.186%, according to Tradeweb. (emese.bartha@wsj.com)

0303 ET - Manila Electric faces an earnings hit from the likely removal of system-loss charges from consumers' electricity bills, Maybank Securities' Germaine Guinto says in a research report. Philippines President Ferdinand Marcos Jr. called for removal of system-loss charges, which account for around 5% of a typical consumer electricity bill, at his State of the Nation address, the analyst notes. System loss is the power lost between generation sources and final customer billing. Under its base case, the brokerage assumes electricity distribution utility Manila Electric absorbs nontechnical system losses that would lead to an estimated annual earnings hit of 3 billion pesos-4 billion pesos from 2027. The brokerage cuts the stock's target price to 467.00 pesos from 605.00 pesos with an unchanged hold rating. Shares are 0.4% higher at 481.00 pesos.