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

0734 GMT - London's miners open higher as oil prices ease. The gains come despite a small drop in gold prices as traders assess the inflation outlook. Miners are some of the world's largest consumers of diesel and higher prices increase the cost of mining and eat into margins. Oil is falling as diplomatic efforts to end the conflict in the Middle East step up, with President Trump set to meet Gulf leaders on the sidelines of the U.N. General Assembly in New York this week. Anglo American gains 2.1% while BHP's London shares are 1.5% higher. Rio Tinto's shares are up 1%. Copper miner Antofagasta rises 2.3%.(adam.whittaker@wsj.com)

0717 GMT - European energy stocks start the week in the red as oil prices continue to slide. Diplomatic efforts to end the conflict in Iran are putting downward pressure on oil. President Trump is set to meet Gulf leaders on the sidelines of the U.N. General Assembly in New York this week. Immediate supply concerns also ease slightly. Brent crude is down 1.7% to $102.08 a barrel, while the front-month WTI contract slides 2% to $98.33 a barrel. In London, BP falls 1.6%. Shell, Italy's Eni and Spain's Repsol are all around 1% lower. France's TotalEnergies is down 0.8%. (adam.whittaker@wsj.com)

0637 GMT - Oil prices fall 2% in early European trading as concerns eased over disruptions to Saudi pipeline flows and hopes grew for diplomatic talks between President Trump and Gulf leaders on the sidelines of the U.N. General Assembly in New York this week. Brent crude is down 2.1% to $101.70 a barrel, while the front-month WTI contract slides 2.2% to $98.11 a barrel. "Nevertheless, the market is still focused on the longer-term fallout from the attacks by the Houthi militant group on Saudi Arabia," analysts at ANZ Research say. "The broadening of the Middle East conflict also increases the odds of the conflict persisting for the foreseeable future, and keeping oil supply from the Persian Gulf constrained." According to data provider Kpler, Saudi Arabia's efforts to reroute oil exports are pushing ship-to-ship transfers in the Gulf of Oman close to their limits, putting pressure on local support services. (giulia.petroni@wsj.com)

0617 GMT - U.S. Treasury yields fall in European trading as Brent oil prices slip toward $100 a barrel on a tentative improvement in the geopolitical outlook. "The immediate weakness [in oil] reflects a partial unwinding of the geopolitical risk premium rather than a collapse in underlying demand," Zaye Capital Markets' Naeem Aslam says in a note. President Trump's latest comments suggesting progress with China and leaving room for diplomacy around Iran have reduced some fear of an imminent supply shock, while stronger regional crude flows are also easing pressure on physical markets, he says. The two-year Treasury yield falls 0.8 basis points to 4.735%, while the 10-year Treasury yield drops 2.9 basis points to 4.966%, according to Tradeweb. (emese.bartha@wsj.com)

0538 GMT - Developments in the Middle East will likely remain the key source of uncertainty for bond markets, LBBW's Elmar Voelker says in a note. "The consolidation of long-term bond yields in recent days has coincided with a temporary stabilization of energy prices at high levels," the senior fixed-income analyst says. For the time being, however, LBBW sees no reason to assume that the situation in the Gulf will ease soon. A damaged Saudi oil pipeline might eventually resume partial operations sooner than initially feared, which has slowed the rise in oil prices for now, but efforts to reopen the Strait of Hormuz appear to remain at a standstill, he says. (emese.bartha@wsj.com)

0533 GMT - A proposed Portuguese solidarity tax on energy profits is a headwind for the oil and gas company Galp Energia, Berenberg analysts write. The windfall tax could see a 33% levy on 2026 Portuguese profits that are more than 20% above the average of 2024 and 2025, and would likely include Galp's refining and commercial profits, they say. The analysts expect the incremental tax exposure to be around 240 million euros. However, there is considerable uncertainty around this figure as the exact structure of the tax is yet to be outlined, they say. The tax isn't expected to effect the downstream merger with Moeve, they add.(adam.whittaker@wsj.com)

0519 GMT - Galp Energia's refining unit will post a much higher quarter-on-quarter profit as it benefits from elevated product cracks, Berenberg analysts write ahead of the Portuguese energy company's third-quarter results. Product cracks measure the profit margin from turning crude into petroleum products. The analysts hike their Ebitda expectations for the unit by 170% to 405 million euros and see it as a key cash flow driver. They increase their 2026 cash flow from operations estimate by 44%. Higher cash flow generation should also allow an increase in buybacks in 2027, they say.