The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

Crude oil futures are little changed in early U.S. trading and on track for weekly gains amid market expectations of an extended standoff in the Persian Gulf between the U.S. and Iran. Yesterday's stronger-than-expected WTI September expiration 'now provides an easy upside target to the October contract,' Ritterbusch & Associates says in a note. The continued virtual closure of the Strait of Hormuz and stalled diplomatic efforts to reopen it support the bullish view, the firm says. 'Iran remains dug in while the U.S. has shifted strategy from a bombing campaign to economic isolation that may or may not spur concessions from Iran.' WTI is off 0.1% at $86.76 a barrel and Brent is 0.1% higher at $93.87.

Bangchak Corp.'s refinery and non-refinery businesses are performing stronger than expected, ttb wealth securities' Yupapan Polpornprasert says in a research report. The Singapore gross refining margin, used as a benchmark price reference by the Thai petroleum and energy conglomerate, has been higher than expected, the analyst notes. Uncertainty around the Strait of Hormuz and ongoing refinery disruptions in Russia continue to constrain global refined product supply.

Oil futures rise for a fifth straight session as the U.S. plans what President Trump called unprecedented economic isolation on Iran. Traders' reaction was that it's better to take it seriously and see what happens next, says Baron Lamarre, co-founder of Index Litro and former head of trading at Petronas. WTI for September delivery goes off the board at $87.83 a barrel, up 2.3%, and the October contract rises 2.9% to $86.83. Brent settles up 2.4% at $93.78.