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

0705 GMT - Brent crude prices trade close to $100 a barrel as attacks in the Middle East escalate and markets see no credible path to de-escalation in sight. The global oil benchmark climbs 1.6% to $99.49 a barrel, while WTI futures are up 1.4% to $94.31 a barrel. Both benchmarks have gained 20% on the month. According to U.S. Central Command, the U.S. destroyed five Iranian oil tankers on Tuesday in response to fresh attempts by Tehran to strike U.S. warships in recent days. "Recent developments only reinforce the view that we're still some way from a restart in talks," ING analysts say. Major banks--including Goldman Sachs, Bank of America and UBS-- all lifted their oil-price forecasts for this year and next, as prolonged shipping disruptions raise the geopolitical risk premium. (giulia.petroni@wsj.com)

0701 GMT - Eurozone bond yields rise, responding to higher oil prices, while investors' focus remains on the European Central Bank's interest-rate decision on Thursday. "Euro rates continue to trade largely as a function of energy rather than domestic fundamentals," Mizuho's Evelyne Gomez-Liechti says in a note. Money markets have fully priced in a 25-basis-point rate increase which would bring the deposit rate to 2.50%. Therefore, the main question for investors is what changes the ECB will make in its new GDP and inflation forecasts, and what signals it gives for the future policy path. Brent oil is up 1.7% at $99.59 per barrel. The 10-year German Bund yield rises 1.9 basis points to 3.375%, according to Tradeweb. (emese.bartha@wsj.com)

0658 GMT - Nihon Dempa Kogyo is expected to benefit from growth in demand for crystal devices for data centers, Nomura's Mikihiko Yamato says in a report. It has a competitive edge in high-precision oscillators for optical transceivers having transmission speeds of 1.6- and 3.2-terabits per second, which are used in artificial-intelligence data centers, the analyst says. Optical transceivers currently operate at transmission speeds of 400 and 800 gigabits per second, but Nomura expects this to increase to 1.6Tbps or 3.2Tbps as data volumes increase. Nomura initiates coverage of the stock with a buy rating and a target price of 6,000 yen. Shares closed 8.65% higher at Y2,737. (ronnie.harui@wsj.com)

0636 GMT - Copper prices are likely to remain elevated as tariff uncertainties linger, ING commodities strategists say in a note. The metal has been hitting record high recently,driven by expectations of U.S. tariffs on refined copper imports. Markets are waiting for President Trump's decision on refined copper tariffs. The proposal is for a 15% duty from January 2027, before rising to 30% in 2028, they note. If approved, tariffs would keep drawing copper into the U.S. However, another exemption or delay could unwind the trade and ease supply tightness elsewhere. The three-month LME copper contract is 0.2% lower at $14,675.00 a ton. (amanda.lee@wsj.com)

0608 GMT - Ithaca Energy continues to target first oil from the Rosebank field in the first six months of 2027, Barclays analyst Naisheng Cui writes. The development has been entangled in legal reviews but a decision is expected soon. Drilling is continuing and the floating production, storage and offloading ship is on-site. At its production plateau, Rosebank is expected to contribute around 10%-12% of group production, Cui writes after a fireside chat with Executive Chairman Yaniv Friedman at the Barclays CEO Energy-Power Conference. Shares closed Tuesday at 271.20 pence. (adam.whittaker@wsj.com)

0604 GMT - Malaysia's 2027 budget could carry an election-friendly tone that benefits certain domestic-facing sectors, TA Securities analyst Kaladher Govindan says in a note. Likely priorities include rail infrastructure projects in Penang and Johor, flood-mitigation and water infrastructure, as well as AI, data centers and semiconductor manufacturing incentives. Cost-of-living relief is also probably on the table. Sectors including construction, property and utilities are expected to benefit the most from fiscal spending, he says. Technology and plantation sectors could also gain from targeted incentives to support long-term growth. TA Securities flags Gamuda, Tenaga Nasional, Telekom Malaysia, Nestle (Malaysia) and Sime Darby Property as among the companies that stand to gain. (yingxian.wong@wsj.com)

0559 GMT - Frencken Group is likely preparing a "war chest" for multiyear growth, Maybank Research's Jarick Seet says, noting the company's completed share placement of S$100 million. The "war chest" will probably lead to strategic investments and acquisitions, potentially within two years, the analyst says in a note. These could introduce new capabilities or generate more revenue that are recurring in nature, which would likely be a major positive for the technology-solutions provider. The brokerage maintains the stock's buy rating, but lowers the target price to 3.32 Singapore dollars from S$3.70 to account for dilution from the share placement. Shares are 2.85% higher at S$2.53. (ronnie.harui@wsj.com)

0544 GMT - Ithaca Energy has an expanding pipeline of development projects and capital-allocation flexibility, Barclays analyst Naisheng Cui writes. The company believes scale matters and could invest in U.K. North Sea projects or international expansion, the analyst writes after speaking to Chairman Yaniv Friedman at the Barclays CEO Energy-Power Conference. Ithaca has three developments that could reach a final investment decision, and over 200 million barrels of oil equivalent 2C resources under projects heading for potential FID in 2026 and 2027. 2C reserves are those that haven't yet met the threshold for commercial production. Shares closed Tuesday at 271.20 pence. (adam.whittaker@wsj.com)

0542 GMT - The two-year U.S. Treasury yield edges up, while longer-dated yields decline slightly in Asian trade, shrugging off a rise in oil prices and further military escalation between the U.S. and Iran. The U.S. destroyed five Iranian oil tankers on Tuesday in response to fresh attempts by Tehran to strike U.S. warships in the Middle East in recent days, according to U.S. Central Command. Brent oil is trading 1.1% higher at $99.04 per barrel. The two-year Treasury yield is up 0.2 basis points at 4.399%, while the 10-year yield falls 1.4 basis points to 4.789%, and the 30-year yield falls 2.5 basis points to 5.240%, according to Tradeweb.