Iran Dark Fleet Vessels Slip Through Blockade -- -2-

0721 GMT - Oil prices slip on expectations that the U.S. and Iran will meet this week for a second round of peace talks as the end of a two-week cease-fire looms. "The aim, of course, is to establish a viable off-ramp that enables energy flows through the Strait of Hormuz to resume on a sustained, long-term basis," analysts at ING say. However, "optimism appears to be clouding the reality of the supply shock." President Trump warned that if Iran doesn't make a deal, it would face strikes to its bridges and power plants, and that it is "highly unlikely" he would extend the cease-fire. Brent crude for June delivery is down 0.3% to $95.25 a barrel, while WTI futures for May fall 0.5% to $89.12 a barrel. ([e-mail])

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Copper Falls on Supply Worries -- Market Talk

0229 GMT - Copper edges lower in early Asian trade. The prospect of U.S.-Iran negotiations remains uncertain, Galaxy Futures writes in a note. Prolonged closure of the Strait of Hormuz may affect copper production, it says. The three-month LME copper contract is 0.3% lower at $13,230.50 a ton. ([e-mail])

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Iron Ore Rises as China Restocks Ahead of Labor Day Break -- Market Talk

0209 GMT - Iron ore rises in early Asian trading amid restocking in China ahead of the May Labor Day holiday, ANZ Research analysts say in a note. Supply concerns are also emerging, with fuel shortages affecting mining activity in Australia and Brazil, they add. A second consecutive weekly drop in stockpiles, which fell 0.7% to 164.8 million tons for the week ended April 17, could provide further upward pressure on prices. The most actively traded September iron ore contract on the Dalian Commodity Exchange is 0.8% higher at 784.50 yuan a ton. ([e-mail])

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Rio Tinto 1Q Iron Ore Output Pleases, While Bauxite Disappoints -- Market Talk

0139 GMT - The outliers in Rio Tinto's 1Q result, according to Jefferies, are a beat in Pilbara iron-ore production and a miss in group bauxite output. The Pilbara beat is underpinned by operational improvement initiatives, the bank says. The bauxite miss is due to significant weather disruptions, it adds. "All things considered, a mostly quiet operational quarter from Rio at its major assets," Jefferies says. Rio reiterates 2026 guidance and notes limited direct impacts to its operations from the Middle East conflict, says Jefferies. "We reiterate our Hold rating on Rio shares due to relative valuation and our preference for miners more directly leveraged to copper," the bank says. It has a A$162 target on the stock. Shares are flat at A$172.51. ([e-mail]; @RhiannonHoyle)

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Rio Tinto Seen With Cost Tailwind From Surge in Gold, Silver Output -- Market Talk

0057 GMT - A big increase in Rio Tinto's 1Q gold and silver production year over year should "help on unit costs" in its copper division, says Citi analyst Ephrem Ravi. The company's 1Q output of gold and silver, mined as byproducts, increased by 69% and 53%, respectively. In Rio's iron-ore business, cost increases related to the Middle East conflict can likely be absorbed with operational efficiencies, says Ravi. "We see the cost resilience in iron ore, byproduct tailwinds in copper and U.S.-Midwest premium tailwind in aluminum as positives from the quarter," he says. Citi has a neutral rating and A$170/share target on the stock. Shares are up 0.4% at A$173.18. ([e-mail]; @RhiannonHoyle)

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Buying Opportunity Arises in Viva Energy Following Refinery Fire -- Market Talk

0003 GMT - A buying opportunity has arisen in Viva Energy stock, which is down 13% since a fire damaged its Geelong refinery, suggests Macquarie. "While the Geelong fire was unfortunate, Viva Energy's response and recovery from the incident have looked impressive," it says. Viva Energy's diesel and jet production is currently at 80% of capacity, with gasoline at 60%, following the fire. But the company expects output to increase to more than 90% of capacity within weeks, once the Residue Catalytic Cracking Unit restarts. While repairs happen, Viva Energy continues to benefit from strong refining margins resulting from the Middle East conflict. "We view as a buying opportunity, amidst margin strength," Macquarie says. ([e-mail]; @dwinningWSJ)

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(END) Dow Jones Newswires

04-21-26 1052ET