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

0215 GMT - Worley's FY26 earnings are broadly in line with consensus, but its FY27 guide falls short of expectations, says Barrenjoey. "The focus of the result will be on FY27 Ebita guidance for mid-to-high single-digit growth[consensus +11%], which is also expected to have a higher 2H skew than normal," the bank says. Barrenjoey also highlights a decline in Worley's backlog to A$13.8 billion at June 30 from A$16.9 billion in March. It has a neutral rating and A$12.70 per share target on Worley. The stock is down 10% at A$9.97/share. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0202 GMT - Petronas Dagangan's commercial segment margins could normalize in 2H following a strong 2Q, as gains from lower fuel-product prices might recur if prices rise, TA Securities analyst Luqman Anwar says in a note. However, Petronas Dagangan's integrated supply chain with its parent, Petronas, and diversified earnings base should provide resilience, he reckons. Domestic fuel demand is expected to remain resilient, supported by affordable RON95 fuel prices, steady GDP growth and improving tourism, he says. The analyst raises Petronas Dagangan's 2026-2028 earnings estimates by 1.4%-3.7%, to factor in higher sales volume estimates. TA Securities downgrades Petronas Dagangan's rating to hold from buy, but raises its target price to 20.80 ringgit from 20.30 ringgit. Shares are 2.8% higher at 20.56 ringgit. (yingxian.wong@wsj.com)

2334 GMT - Oil falls in early trade on signs of Middle East talks, which could lead to reduced supply disruptions. "Pakistan's Army Chief concluded a one-day visit to Iran, with local media suggesting the trip yielded valuable results," ANZ Research analysts say in a research report. Also, "Iran and Oman discussed the importance of resuming navigation through the Strait of Hormuz," the analysts note. "The proposed framework includes the creation of a temporary joint maritime corridor and an agreement to execute a joint project for mine clearance in the waterway," they add. Front-month WTI crude oil futures are 1.6% lower at $81.02 per barrel. (ronnie.harui@wsj.com)

1914 GMT - Oil futures post back-to-back losses as the U.S. tightens the economic squeeze on Iran, raising expectations the measures could bring Iran to the negotiating table. Iran held more talks with Oman about establishing a safe shipping route through the Strait of Hormuz, with the Omani foreign ministry saying a temporary corridor could be announced soon. "Future management of the strait and a permanent solution will follow in due course, as per article 5 of the Islamabad Memorandum," the ministry said. The U.S. rejects Iranian intentions of controlling or charging tolls to cross the strait, and maintains its blockade of Iranian ports. WTI settles down 3.1% at $82.36 a barrel, and Brent falls 3.9% to $88.58.(anthony.harrup@wsj.com)

1911 GMT - Natural gas futures end slightly lower after two days of gains, held up in part by forecasts for continuing heat across the southern two-thirds of the country. "Monday's push into price territory not seen since late July failed to develop into a breakout, prompting traders who had followed the rally higher to lock in gains," Gelber & Associates says in a note. Late-August weather-driven demand remains supportive, "but the seasonal calendar is becoming more important as cooling load begins to fade," the firm adds.Nymex natural gas settles down 0.4% at $2.770/mmBtu.(anthony.harrup@wsj.com)

1637 GMT - The American Soybean Association says greater small refinery exemptions for compliance with the 2025 Renewable Fuel Standard could deliver long-term damage to soybean farmers. Reports that exemptions could far exceed previous government projections would deliver "a major blow to domestic biofuel demand when U.S. soybean farmers can least afford it," the ASA says. If the EPA approves small refinery exemption petitions at levels that significantly exceed its earlier assumptions, it could eliminate around 500 million gallons of biomass-based diesel demand, costing U.S. soybean farmers around $1 billion in lost revenue, the association says.(anthony.harrup@wsj.com)

1312 GMT - U.S. natural gas futures fall back after rising the previous two sessions with support from extended summer weather. "This market appears to be seeing some bearish spillover from the sharp decline in the oil complex," Ritterbusch & Associates says in a note. The possibility of another weather-driven spike higher will diminish as the October contract moves to the front of the curve this week, the firm says. The market "will require some evidence of production slippage or an increase in export activity if the sizable storage surplus is to see a meaningful reduction in the coming weeks." Nymex natural for September delivery is down 2.8% to $2.704/mmBtu. (anthony.harrup@wsj.com)

1308 GMT - Yields on developed market government bonds fall as oil prices retreat following U.S. announcement of new economic sanctions on Iran. "Traders appear more focused on the potential impact on demand and the absence of a fresh physical supply shock than on the sanctions themselves," Capital.com's Daniela Hathorn says in a note. That is helping ease some of the inflation pressure that had been feeding into the recent bond selloff which took a number of major long-dated government-bond yields to multiyear highs, she says. Ten-year gilt yields fall around 5 basis points to a 12-day low of 5.004%, while the German 10-year Bund yield drops to a one-week low of 3.214%, Tradeweb data show. The 10-year Treasury yield falls 4.8 basis points to 4.656%. (miriam.mukuru@wsj.com)

1304 GMT - Treasury yields fall alongside oil prices as the U.S. increases sanctions on Iran. Crude futures fall 3% and Brent trades below $90. The WSJ Dollar Index gives away overnight gains and is flat, while Bitcoin briefly jumps above $80,000, amid growing concerns that Washington will tolerate high inflation and expanding fiscal deficits. Consumer confidence data is on tap later this morning. The Treasury auctions $69 billion in two-year notes at 1 p.m. ET. The 30-year yield falls to 5.198% from an overnight high of 5.246%, the 10-year slips to 4.668% from 4.710% and the two-year drops to 4.240% from 4.255%. (paulo.trevisani@wsj.com; @ptrevisani)

1253 GMT - Oil futures lose more ground with the market seeing stepped-up U.S. economic pressure on Iran more likely to lead to negotiations than military escalation. "Some signs of diplomacy out here in what is a long market and likely making it worse as Pakistan is delivering a peace offer to Iran and the U.S. is returning staff to their posts in the Middle East," Scott Shelton of TP ICAP says in a note. "The near term looks like the U.S. Treasury has bought some time for the oil market in terms of generating enough fear to end the buying for now from speculators." The New York Times reported that the U.S. is preparing to return diplomats to their posts in the Middle East. WTI is off 3.1% at $82.42 a barrel, and Brent is down 3% at $89.40 a barrel. (anthony.harrup@wsj.com)

1247 GMT - Bitcoin eases back below $80,000 as its recent rally loses steam. The cryptocurrency last trades steady at $78,950, having risen to a three-month high of $81,237 overnight, LSEG data show. Bitcoin's recent gains are driven by the U.S. Treasury's announcement last week that it would increase buybacks of long-term debt along with President Trump urging lawmakers to pass the Clarity Act bill for crypto regulation. The rally from levels around $64,000 at the start of last week signals speculative liquidity is quietly returning to alternative asset classes, Tickmill Group's Patrick Munelly says in a note. While a drop in crude prices and a pause in rising Treasury yields offer brief breathing room, the structural narrative is shifting toward fiscal discipline, debt monetization, and currency debasement where investors seek alternative assets, he says. (renae.dyer@wsj.com)

0946 GMT - Eurozone bond yields remain caught between higher energy prices and the limited evidence of the second-round effects required to justify the amount of tightening now embedded in market pricing, Mizuho's Evelyne Gomez-Liechti says in a note. Neither Tuesday's German Ifo data nor the German Schatz auction should materially change the broader European Central Bank debate, the multi-asset strategist says. The 10-year Bund yield falls 2.0 basis points to 3.231%, according to Tradeweb.