MARKET MOVEMENTS:

–Brent crude oil is up 0.1% to $105.14 a barrel.

–European benchmark gas is down 0.7% to 44.20 euros a megawatt-hour.

–Copper futures fall 0.1% to $13,295 a metric ton.

–Gold futures are down 0.2% to $4,715.70 a troy ounce.

TOP STORY:

Oil Climbs Further as U.S.-Iran Peace Efforts Remain Stalled

Oil rose for a fifth-straight day as the Strait of Hormuz remained shuttered and neither the U.S. nor Iran signaled a return to peace talks in the near term.

President Trump said he wouldn’t be rushed to end the war and announced that Israel and Lebanon had agreed a three-week extension to their cease-fire.

OTHER STORIES:

Eni Hikes Buyback as Higher Energy Prices Offer Cash Windfall

Eni nearly doubled its share buyback target as conflict in the Middle East upends energy markets, pushes prices higher and is expected to give oil majors a cash windfall.

War in the Middle East has severely disrupted the flow of oil and gas from the region, driving market volatility and pushing energy prices up.

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Canada Approves Enbridge’s $3 Billion Westcoast Gas-Pipeline Expansion

OTTAWA–Canada approved on Friday Enbridge’s proposed multibillion-dollar expansion of a west-coast natural gas pipeline system, a decision the government and the company say will bolster the country’s efforts to increase exports to markets other than the U.S.

In response to President Trump’s protectionist trade policy, Canadian Prime Minister Mark Carney has made it a priority to accelerate the construction of trade corridors and approve resource projects to position the country as an energy superpower. Carney has argued this will help Canada reduce its dependence on trade with the U.S. to drive growth.

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SLB Profit Falls as Iran War Disrupts Operations, Clouds Outlook

SLB’s first-quarter profit fell in the face of what Chief Executive Olivier Le Peuch called a challenging start to the year, as widespread disruptions across the Middle East hurt business.

The oilfield-services company, formerly known as Schlumberger, had to demobilize operations in a number of countries in response to customer actions to safeguard personnel and facilities, Le Peuch said Friday.

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World Kinect Shares Surge After Lifting Guidance

Shares of World Kinect surged after the company swung to a profit in the first quarter and lifted its outlook for the full year.

Shares were up 22%, to $28.75, after the bell on Thursday. The stock closed up 1.6% during the regular trading session, at $23.54.

MARKET TALKS:

Oil Futures Mixed As Pakistan Pursues Diplomatic Efforts — Market Talk

0907 ET – Oil futures are mixed in early U.S. trade as Pakistani officials maintain efforts to bring Iran to the negotiating table with the U.S. The foreign ministers of Pakistan and Iran discussed the cease-fire and diplomatic efforts in a phone call, according to Pakistan’s foreign ministry, although no date has been set for talks to resume. The U.S. and Iran meanwhile, are maintaining a blockade of the Strait of Hormuz, keeping oil coming out of the Persian Gulf to a trickle. WTI is off 0.2% at $95.67 a barrel and Brent is up 0.4% at $105.49 a barrel.(anthony.harrup@wsj.com)

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Palm Oil End Higher, Tracking Soybean, Crude Oil Strength — Market Talk

1044 GMT – Palm oil prices ended higher, thanks to high crude oil prices and firm soybean oil prices, says Abdul Hameed, director of sales at Pakistan-based Manzoor Trading. With palm oil still trading at comparatively attractive levels, buying interest from key regional importers–such as Pakistan, India and Bangladesh–may improve, he says. These destinations are likely to step in for May shipment coverage, especially as the current price gap keeps palm oil competitiveness against other edible oils complex, he adds. The Bursa Malaysia Derivatives contract for July delivery closed 16 ringgit higher at 4,595 ringgit a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

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Eni Investors Will Focus on Guidance Upgrades, Not Numbers Miss — Market Talk

1030 GMT – Eni missed consensus expectations for some earnings metrics but investors will mostly be paying attention to its upgraded guidance, UBS analysts write. Eni’s first-quarter adjusted operating result was 8% below consensus due to a weak downstream performance as lower utilization rates mean its refineries failed to capture higher margins, they say. This led to a 13% miss for net income. But the Italian oil-and-gas major lifted its cash-flow target by 20% and the near-doubling of its annual buyback target implies it will deliver a payout ratio at the upper end of its guided range at 44%, they say. Shares rise 0.9% to 23.43 euros. (adam.whittaker@wsj.com)

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European Gas Prices on Track for 16% Weekly Gain on Hormuz Tensions — Market Talk

0857 GMT – European natural-gas prices are headed for a weekly gain of more than 16%, as tensions in the Strait of Hormuz and stalled talks between the U.S. and Iran raise prospects of prolonged disruptions. In early trading, the benchmark Dutch TTF front-month contract rises 1.3% to 45.09 euros a megawatt hour. Still, Europe is importing strong LNG volumes to rebuild inventories, with imports running above seasonal averages, according to analysts at ANZ. Meanwhile, increased production elsewhere–like Australia’s Wheatstone LNG plant restarting and the U.S. Golden Pass project launching exports–has helped offset shortages. (giulia.petroni@wsj.com)

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European Energy Stocks Rise as Hormuz Waterway Remains Closed — Market Talk

0746 GMT – Europe’s energy stocks rise in opening trade as the Iran conflict shows no signs of stopping. Talks on resolution appear to have stalled, meaning Brent futures for June delivery increase 0.6% to $105.73 a barrel, while WTI is up 0.4% to $96.20 a barrel. Norway’s Equinor is up 2.5%. In London, BP is up 1.5% and Shell rises 1.2%. France’s TotalEnergies goes 1.5% higher while Spain’s Repsol is up 0.4%.(adam.whittaker@wsj.com)

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EU Should Move Beyond Stopgap Energy Measures, Metsola Says — Market Talk

0745 GMT – The EU needs to go beyond temporary measures to deal with Europe’s looming energy crisis, says Roberta Metsola, president of the European Parliament, ahead of an EU leaders meeting in Cyprus on Friday. Her comments come after the European Commission laid out a plan on Wednesday to temper high energy costs with measures ranging from coordinating emergency oil releases and tracking jet fuel supplies to encouraging to more private investment in clean energy. “We need to ensure that we invest in our grids, our infrastructure has to work, our supply needs to be secured, and we need to be better at it,” she says.(edith.hancock@wsj.com)

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Oil Rises as Iran Talks Stall, Hormuz Disruptions Persist — Market Talk

0735 GMT – Oil prices rise in early trading, with Brent crude above $105 a barrel as stalled U.S.-Iran talks and escalating tensions in the Strait of Hormuz raise market fears of a prolonged conflict. Brent futures for June delivery rise 0.6% to $105.73 a barrel, while WTI is up 0.4% to $96.20 a barrel. “Oil trades higher for a fifth day, with no apparent end in sight to the Middle East stalemate,” analysts at Saxo Bank say. “The U.S.-Iran cease-fire and the Israel-Lebanon truce were both extended, but disruptions have sharply reduced Middle East oil and gas shipments, tightening global supply.” (giulia.petroni@wsj.com)

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Gold Falls as Lack of Progress in Iran War Fuels Inflation Fears — Market Talk

0743 GMT – Gold prices fall as stalled Iran talks drive up energy prices, raising fears of inflation and expectations that central banks will keep interest rates elevated for longer. “The longer the Strait remains shut, the greater the oil shock and the more distant the idea of Brent crude trading back to levels near $80 or below,” analysts at ING say. “This view is very much dominant in the interest rate market, where short-dated yields remain very firm on the view that many central banks will have to react to this inflationary shock.” In early European trading, New York gold futures are down 0.6% at $4,698.30 a troy ounce. (giulia.petroni@wsj.com)

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Comex Gold Futures’ Bearish Momentum Picking up Pace Again, Chart Shows — Market Talk

0716 GMT – Comex gold futures’ bearish momentum seems to be picking up pace again, based on the daily chart, RHB Retail Research’s Joseph Chai says. The analyst cites the futures’ latest bearish price action, together with the relative strength index falling below the 20-day simple moving average. The commodity is likely to pull back toward $4,600 per ounce to form a consolidation base, Chai says in a research report. The 50-day SMA continues to trend downward, which serves as overhead resistance, the analyst adds. Spot gold is 0.5% lower at $4,680.02 per ounce, while the 50-day SMA is around $4,870.31 per ounce, ICE data show. (ronnie.harui@wsj.com)

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Eni Investors Might Be Surprised by Buyback Upgrade — Market Talk

0638 GMT – Eni showed strong operational momentum and the scale of its buyback upgrade might surprise investors, RBC Capital Markets analysts Biraj Borkhataria and Adnan Dhanani write. Given the stronger price environment, Eni nearly doubled its annual buyback target to 2.8 billion euros. RBC had expected total buybacks over the year of 2.3 billion euros. Meanwhile, the Italian energy major’s net income was 13% below consensus expectations after weaker results in refining and chemicals, they write. Shares closed Thursday at 23.215 euros. (adam.whittaker@wsj.com)

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Palm Oil Prices Could Remain Around 4,500 Ringgit a Ton — Market Talk

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April 24, 2026 09:27 ET (13:27 GMT)

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