Exxon, Chevron Post Slimmest Annual Profits Since -2-

0857 GMT - Oil prices retreated following a three-day rally but remain on track for significant weekly gains as the possibility of U.S. military action against Iran keeps markets on edge. Brent crude is down 1.8% to $68.32 a barrel after breaching $70 in the previous session, while WTI falls 1.7% to $63.11 a barrel. "A broad risk-off shift hit equities and metals while the dollar strengthened, prompting profit-taking in crude markets," says Soojin Kim from MUFG. Despite the pullback, Brent and WTI are still up 3.7% and 4.5% on the week, respectively, as heightened geopolitical risks continue to offset expectations of ample global supply. ([e-mail])

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Oil Companies Fall as Middle East Tensions Continue to Rile Markets -- Market Talk

0856 GMT - Shares in London-listed oil companies fall as tension between the U.S. and Iran continues to push oil prices higher and point to potential disruptions in major trade routes in the region, Swissquote analyst Ipek Ozkardeskaya says. "Demand for hard commodities and safe-haven assets is certainly not over. That said, a correction looks healthy at these strongly overbought levels," Ozkardeskaya says. Tullow Oil is down 6.2%, followed by Harbour Energy, Ithaca Energy and Seplat Energy, down 2.5%, 2.2%, and 1.3% respectively. Oil majors BP and Shell are also down, 1% and 0.9% respectively. ([e-mail])

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Gold Slumps After Record High, With All Eyes on Fed Pick -- Market Talk

0848 GMT - Gold prices retreat sharply after surging to fresh record highs, as traders booked profits and the U.S. dollar strengthened. Futures in New York fall 4.7% to $5,104.50 a troy ounce, though they remain up 2.5% for the week. The dollar index is up 0.3% to 96.54, making precious metals more expensive for overseas buyers. Attention has now turned to President Trump's decision on his pick for Federal Reserve chair, expected later on Friday. Trump's advisers have indicated he is likely to nominate Kevin Warsh. "Warsh is considered far less controversial and less overtly dovish than some of the other options that have been circulated ahead of the announcement of Trump's nomination," Saxo Bank analysts say. Meanwhile, silver drops 9.5% to $103.63 an ounce. ([e-mail])

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Miners Down as Silver Falls on Persistent Metal Market Volatility -- Market Talk

0838 GMT - Shares in London-listed miners fall as the price of silver declines and metal markets continue to experience rising volatility. "Price pullbacks, however, will likely be seen as opportunities to strengthen long positions, as the major drivers of the metals rally...remain fully in play," Swissquote analyst Ipek Ozkardeskaya says. Drivers include unsustainable-but-still-rising G7 debt, waning appetite for the U.S. dollar, trade and geopolitical uncertainties, the search for supranational assets able to preserve value in case of further geopolitical chaos, and potentially rising price pressures, she adds. Hochschild Mining shares are down 4.9%, followed by Fresnillo and Glencore, down 4.4% and 2.8% respectively. ([e-mail])

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Gold Could Face Price Pressure, but Long-Term Outlook Positive -- Market Talk

0359 GMT - Gold prices may come under pressure in the short term, but their long-term outlook remains positive, UBS Global Research's Joni Teves says in a note. Concerns about the Fed's independence, rising geopolitical tensions and broader political uncertainty are supporting prices of the precious metal, she says. While gold's medium- to long-term risk remains to the upside, the precious-metals specialist prefers to stay on the sidelines for now. "Short-term price action is starting to get excessive, in our view, and the risk of an interim correction is rising," she says. Spot gold is down 3.9% at $5,161.91/oz. ([e-mail])

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Iron Ore Edges Up in Volatile Trading -- Market Talk

0304 GMT - Iron ore edges higher in the Asia session, reversing earlier losses in a volatile start to the day. As China's steel mills enter the off-peak season, Nanhua Futures analysts expect to see weakness in both supply and demand for the steelmaking material. However, they view downside for iron ore as limited given that steel market dynamics remain relatively supportive and the overall industrial chain remains profitable. The most-traded iron-ore contract on the Dalian Commodity Exchange is 0.25% higher at CNY793.0 a ton. ([e-mail])

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(END) Dow Jones Newswires

01-30-26 1143ET