The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
0958 ET - Bitcoin falls to a seven-week low after Iran's state media reported that the country is halting talks with the U.S. Iran's Tasnim news agency said Iran would cut talks through mediators in protest against Israeli attacks in Lebanon. Bitcoin is also dented by news that Strategy sold the cryptocurrency last week for the second time ever. Strategy sold 32 coins for $2.5 million at an average of $77,135 each between May 26 and May 31, according to a Monday filing. Bitcoin falls to as low as $71,495, LSEG data show.(renae.dyer@wsj.com)
0955 ET - Crude futures extend gains on a report that Iran is halting talks with the U.S. through mediators in protest against Israeli attacks in Lebanon. Prices were higher after the U.S. and Iran exchanged strikes at the weekend, while efforts toward an agreement continued. Iran's Tasnim news agency says on X that due to "continued Israeli airstrikes in Lebanon, and given that Lebanon was part of the preconditions for the ceasefire, Iran will halt the exchange of talks and messages through the intermediary with the United States." WTI is up 6.5% at $93.03 a barrel and Brent gains 5.5% at $96.13. (anthony.harrup@wsj.com)
0943 ET - The Iran war looks set to remain a drag on the Japanese yen in coming months, Commerzbank's Volkmar Baur says as the yen falls to a one-month low against the dollar. Prices for fossil fuels could stay elevated, weighing on the Japanese economy's foreign trade balance, he says in a note. Furthermore, interest-rate differentials have moved against the yen as markets bet on the Federal Reserve and European Central Bank raising interest rates. "However, once the Iran conflict is resolved, the outlook for a stronger yen remains favorable," Baur says. The dollar rises to as high as 159.69 yen and Commerzbank expects it to reach 150 by December this year and 143 by December 2027. (renae.dyer@wsj.com)
0934 ET - U.S. natural gas futures pull back from overnight highs while maintaining support from higher temperature forecasts moving into June. "With weather heating up at this early stage of the cooling cycle, the market is forced to conjure up an increased possibility of a hot summer," Ritterbusch & Associates says in a note. The firm sees little resistance up to $3.50/mmBtu. Also slightly bullish is a pickup in natural gas exports while production gains are modest, the firm adds. Nymex natural gas is off 2.4% at $3.211/mmBtu.(anthony.harrup@wsj.com)
0847 ET - Oil futures are higher as the weekend passes without the U.S. and Iran reaching an agreement while the two sides exchange strikes. "Although both sides exchanged revised proposals, the absence of a clear breakthrough and renewed incidents in the region reinforced concerns that restrictions affecting the Strait of Hormuz could remain in place for longer than previously expected," Joseph Dahrieh of Tickmill says in a note. "While a successful agreement could eventually help push prices down, the reopening of shipping routes and normalization of energy flows would likely be gradual." WTI is up 2.9% at $89.90 a barrel and Brent rises 2.3% to $93.23. (anthony.harrup@wsj.com)
0843 ET - An end to the Iran war and reopening of the Strait of Hormuz would allow the euro to recover against the dollar but gains are likely to be limited, Rabobank's Jane Foley says in a note. "While an October rate cut from the Federal Reserve should allow the euro to trend upwards in the second half, we don't expect the [euro versus the dollar] to gain significant upward traction in this period." The market is already well priced for two interest-rate rises by the European Central Bank in this period and eurozone growth headwinds mean the euro could struggle to reach $1.20 this year, she says. The euro falls 0.1% to $1.1646. (renae.dyer@wsj.com)
0758 ET - The dollar appears suspended between optimism and skepticism regarding a possible peace deal between the U.S. and Iran, Rabobank's Jane Foley says in a note. "Since the end of March, investors appear to have traded the market with the view that the worst-case scenario is unlikely to happen." However, the longer the Strait of Hormuz remains closed, the greater the economic damage and optimism for a deal will run dry eventually, she says. The market is growing more impatient for concrete news about a deal, she says. Without an end to the war, the euro versus the dollar will struggle to recover meaningfully, she says. The euro falls 0.1% to $1.1644. The DXY dollar index rises 0.2% to 99.078. (renae.dyer@wsj.com)
0754 ET - Equinor's shares have two tailwinds that could push them nearly 25% higher, Baader's Frederic Lorec writes. The first is a structural one, he says. The Norwegian energy major has become a key gas supplier to Europe after the bloc weaned itself off Russian gas after the invasion of Ukraine. Gas prices have been elevated since Qatari gas facilities were damaged during the conflict in the Middle East and mean Norwegian gas margins should remain supported through at least 2028, Lorec adds. Secondly, low-cost oil production means the company is benefiting from the current higher oil prices, he adds. An Iran deal would hurt both tailwinds, but this isn't the base case given the state of negotiations, he adds. Shares rise 2.9% to 344.70 krone. (adam.whittaker@wsj.com)
0742 ET - Bitcoin is under pressure as the U.S. seizure of Iranian cryptocurrency holdings hits sentiment, IG's Chris Beauchamp says in a note. Treasury Secretary Scott Bessent said Friday that the U.S. had seized about $1 billion in Iranian crypto assets as part of efforts to squeeze Iran's revenue streams under the Operation Economic Fury campaign. "In a world where cryptocurrencies struggle to hold the attention they once did, such news is hardly helpful," Beauchamp says. Another threat to bitcoin is if the recent artificial-intelligence-fueled rally in U.S. stocks reverses given the continued closure of the Strait of Hormuz and crude inventory draws, he says. Bitcoin falls 1.4% to $72,607, LSEG data show. (renae.dyer@wsj.com)
0628 ET - Candriam is neutral on U.S. duration given uncertainties surrounding the Middle East and U.S. interest rates, says Nicolas Jullien in a note. "Uncertainty surrounding the Iran conflict, oil price developments, and the Federal Reserve's (Fed) response continue to argue against a strong strategic position in nominal U.S. Treasuries," the global head of fixed income says.(emese.bartha@wsj.com)
0603 ET - China's mixed purchasing managers' index reading suggests the economy is "muddling through," according to ING in a research note. China's official manufacturing PMI slipped back to a neutral level of 50, while the non-manufacturing PMI unexpectedly rose into expansion territory. While the non-manufacturing PMI beat expectations, the breakdown of the sub-indexes doesn't suggest a very strong outlook, it says. Meanwhile, the continued outperformance of the RatingDog PMI, which focuses more on smaller and export-oriented businesses, suggests external demand is outpacing domestic demand, ING says. (tracy.qu@wsj.com)
0557 ET - U.S. Treasury yields rise while the dollar is slightly firmer as an imminent deal in the Middle East is still elusive. "Fresh military exchanges over the weekend underscored the fragility of the current ceasefire and highlighted the risks facing any long-term agreement," says Kudotrade's Konstantinos Chrysikos in a note. "The uncertainty could continue to fuel demand for the dollar as a safe-haven asset and could keep bond yields elevated," he says. The 10-year Treasury yield rises 1.6 basis points to 4.468%, according to Tradeweb. The DXY dollar index rises 0.1% to 99.027. (emese.bartha@wsj.com)
(END) Dow Jones Newswires
June 01, 2026 09:58 ET (13:58 GMT)
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