The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
1142 GMT - The Canadian dollar's losses against the U.S. dollar seem overdone, Commerzbank's Michael Pfister says in a note. The Canadian dollar is hit by lower oil prices as Canada is a major oil exporter. Its weakness also reflects increased bets for interest-rate rises by the Federal Reserve. "We strongly believe that both of these factors are exaggerated," Pfister says. The oil market is reacting too euphorically to the reopening of the Strait of Hormuz as it will take time before depleted stockpiles are replenished and trading normalizes, he says. The Fed is also unlikely to raise rates, he says. The U.S. dollar rises 0.1% to 1.4248 Canadian dollars, matching the 14-month high reached Wednesday, according to LSEG.(renae.dyer@wsj.com)
0742 GMT - European energy stocks open slightly lower as oil prices fall back to prewar levels. Tanker traffic through the Strait of Hormuz is picking up and boost hopes that supplies from the region will bounce back. Brent crude falls 1% to $73.14 a barrel, while WTI futures are down 0.8% to $69.94 a barrel. Italy's Eni slides 1%. In London, BP drops 0.8% while Shell inches 0.5% lower. France's TotalEnergies is 0.7% lower.(adam.whittaker@wsj.com)
0722 GMT - Oil prices fall back to prewar levels as tanker traffic resumes through the Strait of Hormuz, raising hopes for a relatively quick recovery in Persian Gulf supplies. In early European trading, Brent crude falls 1.1% to $73.10 a barrel, while WTI futures are down 0.9% to $69.70 a barrel. "The market is likely extrapolating the swift, thus far, recovery of Mideast supply and already pricing expected future surpluses," analysts at Goldman Sachs say. "Beyond the spot-price selloff, the market is increasingly challenging its prior assumption that long-dated prices need to incorporate a sticky security premium." According to the bank, total Gulf oil exports have rebounded to 63% of normal levels, supported by increased tanker crossings through the Strait of Hormuz and a higher proportion of "visible" vessels that have resumed using their ship-tracking signals. (giulia.petroni@wsj.com)
0624 GMT - Oil prices fall but rates markets aren't in a hurry to price in lower oil prices, Jefferies' Mohit Kumar says in a note. "We have to admit that oil prices have moved lower than we expected, as the market focuses on the increased traffic through the Strait [of Hormuz]," the global economist says. "Yet the rates market has been reluctant to price in the impact of lower oil prices," he says. Jefferies believes one of the main impact from the U.S.-Iran deal is that central banks wouldn't need to hike rates. "We retain the view of no hikes from the Federal Reserve for this year and the next move from the Fed would be a cut and not a hike." (emese.bartha@wsj.com)
(END) Dow Jones Newswires
June 25, 2026 07:44 ET (11:44 GMT)
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