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

1007 GMT - 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)

0935 GMT - 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)

0839 GMT - 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)

0829 GMT - 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)

0807 GMT - 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)

0739 GMT - 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)

0732 GMT - 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. (fabiana.negrinochoa@wsj.com)

0722 GMT - BP stock could become 30% more valuable relative to its performance if its current oil and gas exploration efforts are successful, Citi analysts write. The giant Brazilian offshore discovery Bumerangue is its hottest prospect, and combined with efforts in the U.S., Venezuela and Iraq, the British energy company's oil supply lifespan could grow to 14 years from the seven years reported at the end of 2025, they write. BP's reserve life outside its U.S. BPX business has fallen behind peers after it invested heavily in a pivot toward renewable forms of energy that dented its valuation, they say. BP's shares rise 0.8% to 550 pence. (adam.whittaker@wsj.com)

0658 GMT - Oil prices extend gains, with Brent crude now above $98 a barrel as escalating attacks in the Middle East fuel fears over prolonged supply disruptions. In early European trading, the global oil benchmark rises 1.5% to $98.45 a barrel, while WTI futures climb 2.7% to $93.93 a barrel. "Markets are increasingly pricing a prolonged Mideast conflict," analysts at Goldman Sachs say. "The options-implied probability of Brent above $100 in March 2027 has risen from around 6% a month ago to about 25%." The U.S. bank raised its oil-price forecasts by $5 a barrel, saying it now sees Brent at $85 a barrel and WTI at $80 a barrel in December, assuming shipping disruptions continue into 2027.